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Industry Roundup: Most Connected Car Drivers Aren’t Unlocking Premium Discounts with Data; Chubb Breaks Records In Q2 Earnings; Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022; Hartford, HSB Specialty Sued

Most Connected Car Drivers Aren't Unlocking Premium Discounts with DataOver 70% of drivers are interested in using connected car data for insurance discounts, but less than a quarter do.Chubb Breaks Records In Q2 EarningsIt was a record-breaking quarter for Chubb, the world's largest publicly traded property & casualty insurance company, which released its second quarter earning.​Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022According to the latest Ivans Index report, workers' compensation was the only major commercial line to see a negative change.New York Begins $30M Program to Help Municipalities Boost Cybersecurity EffortsNew York State is beginning a $30 million…

Continue ReadingIndustry Roundup: Most Connected Car Drivers Aren’t Unlocking Premium Discounts with Data; Chubb Breaks Records In Q2 Earnings; Nearly All Major Commercial Lines Saw Premium Renewal Rate Change Increases in Q2 2022; Hartford, HSB Specialty Sued

State Insurance Fund Leaves LCM Unchanged

​The New York State Insurance Fund​ (NYSIF) has announced that it is leaving its loss cost multiplier unchanged at 1.27. The announcement follows a recent announcement by the New York Compensation Insurance Rating Board (NYCIRB) that Workers Compensation insurance loss costs will decrease by an averagte of ​8.7% on October 1.​Loss costs are a component of insurance rates that reflect an insurer's expected cost of paying losses and allocated loss adjustment expenses. They do not include the insurer's overhead and profit. The loss cost multiplier is a numerical factor that the insurer applies to the loss cost to arrive at an appropriate rate. For example, ​the October 1, 2022 loss costs…

Continue ReadingState Insurance Fund Leaves LCM Unchanged

Industry Roundup: ​What Property Owners Need to Know About Landlord Insurance; Are We Entering the Age of Pay Transparency?; Allstate Files Another Patent; Investigation Launched into Auto Insurer’s Data Breach

What Property Owners Need to Know About Landlord InsuranceRenting out a property also gives rise to a unique set of potential risks, so getting the right kind of protection is crucial.Are We Entering the Age of Pay Transparency?Many employees are becoming more and more curious about what their colleagues are making, in an ongoing effort to institute pay equity.NHTSA Investigating Another Fatal Tesla CrashThe National Highway Traffic Safety Administration has opened an investigation into a fatal crash involving a Tesla, according to documents viewed by TechCrunch.Cyber Insurance Firm Coalition Valued at $5 Billion After Fund RaiseCoalition raised $250 million in a late-stage funding round last…

Continue ReadingIndustry Roundup: ​What Property Owners Need to Know About Landlord Insurance; Are We Entering the Age of Pay Transparency?; Allstate Files Another Patent; Investigation Launched into Auto Insurer’s Data Breach