Industry News

​As we head into the second half of 2023, the insurance marketplace remains in a state of flux. We've seen some strong underwriting results from carriers leading to softening in some markets, while also experiencing some of the hardest market conditions we've faced in decades for others.In February, we published our State of the Market – Q1 2023 and not much has changed since. These are common themes running through the property segment of almost every industry:Catastrophic weather events—major hurricanes making U.S. landfall in five out of the last six years, wildfires engulfing thousands of acres, unprecedented winter storms, Midwest flooding, etc.—have played a major…

​The New York Compensation Insurance Rating Board announced this week that it has proposed a 2.6% decrease in Workers' Compensation insurance loss costs for 2023. If approved, the new schedule of loss costs will apply effective October 1, 2023.The filing is subject to approval by the New York State Department of Financial Services. The filing and explanatory memorandum are available for review online​.Source

​A Manhattan court has granted the New York State Department of Financial Services' request to be appointed as ancillary receiver of United Property & Casualty Insurance Co. (UPC.) The order enables DFS to liquidate the insurer's New York assets and resolve claims that may be insured under its policies. If you have clients who were insured by UPC, you should advise them now that they have until Feb. 27, 2024 to submit claims.As we previously reported, Florida-based UPC was declared insolvent earlier this year by the Florida Department of Financial Services. A court appointed the Florida department as the insurer's receiver, giving it authority to…