Industry News

​"Unprecedented" Rise in Auto Thefts – Insurance Crime Bureau Issues WarningMajor cities across the US have seen an “unprecedented" surge in auto thefts and carjackings in recent years, the National Insurance Crime Bureau (NICB) has warned.Roof Inspection Tech Could Speed Claims Process, Prevent LossRoof inspections after storms are often costly and inconvenient. New technology could streamline the process for insurance companies and customers.Small Businesses Are Big Targets for Fund Transfer FraudThe 'low-tech' cybercrime saw big increases in losses and frequency among operations with less than $25M in annual revenue.Women Are Underrepresented in Independent Agency LeadershipA new study from Safeco Insurance and Liberty Mutual Insurance shows…

​Manufacturers are Now Hackers' Favorite TargetsManufacturing was the industry most targeted by hackers during 2021, accounting for 23.2% of incidents, according to IBM Security X-Force research. The sector edged out insurance and financial services by a slim margin.Cyber Market Primed to Grow and Eclipse Property by 2040: Gallagher ReFollowing a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property catastrophe market by 2040, said Gallagher Re.Agency's Specialty Portfolio Often Fragmented by Working with Multiple CarriersThe Hanover Insurance Group recently released its State of Specialty Insurance Report, which highlights the risks of…

​Rating Upgrades Increase for U.S. P/C Insurers in 2021Ratings for the U.S. property/casualty industry returned to pre-pandemic levels with some companies strengthening balance sheets and improving operating results, said financial strength rating agency AM Best.Insurer Sues Real Estate Firm for Workers' Comp FraudAn insurance company is suing a New York real estate firm for allegedly ducking nearly $1.5 million in workers' compensation premiums.Allstate Auto Lines Suffer as Inflation Boosts 'All the Costs'Allstate Corp. results missed estimates for the second quarter in a row as the highest inflation in 40 years drives up the costs of insuring and repairing automobiles.How Champlain Towers Could Impact Condo Insurance…