Business Daily News
By Business Daily | Feb 7, 2024
Direct written premiums for cyber insurance worldwide are projected to reach $23 billion by 2025, with U.S. businesses accounting for 56% of the total, according to a new report by the Insurance Information Institute (Triple-I). The report, titled "Cyber Insurance: State of the Risk," highlights two primary factors driving this trend.The first factor is the ever-present threat of data breaches and cyberattacks. With the increasing reliance on Internet of Things (IoT) technologies, the expansion of remote work, and the greater use of cloud data storage, U.S. businesses are...
By Business Daily | Feb 7, 2024
The growth of personal auto premiums written through the direct channel has slowed down in recent years, according to a report by S&P Global Market Intelligence. While direct personal auto insurance writers are still growing, their rate of growth is lagging behind that of the traditional market. In 2023, direct channel premiums rose by 10.3%, compared to an 18.7% growth for the rest of the market.The direct channel refers to customers who purchase insurance online, via mobile devices, or by phone, without the involvement of an agent. This channel has been dominated by...
By Business Daily | Feb 7, 2024
The Allstate Corporation has announced the availability of its fourth-quarter 2023 financial results. The company filed a Form 8-K, which includes the earnings release and investor supplement, with the Securities and Exchange Commission (SEC). Interested parties can access these materials on the company's page at sec.gov or at www.allstateinvestors.com.In a press release, The Allstate Corporation stated that it will be hosting a conference call and webcast on Thursday, February 8, at 9 a.m. Eastern Time to discuss the fourth-quarter results. Investors and analysts are...
By Business Daily | Feb 5, 2024
CME Group has unveiled plans to launch E-mini S&P 500 Equal Weight futures. This is a departure from the S&P 500 Index, which assigns weights based on market capitalization; the S&P 500 Equal Weight Index instead distributes equal weight to all constituents in the index.
By Business Daily | Feb 5, 2024
The Cook County Sheriff's Office has announced that three men are facing felony charges in connection with a fraudulent documents scheme. The men allegedly provided fake identification and social security cards to foreign nationals in Chicago, according to a press release from the Sheriff's Office.
By Business Daily | Feb 5, 2024
The Zebra, an online platform for comparing insurance policies, has found that drivers with low credit scores may end up paying more than double the amount paid by those with high credit scores for car insurance.
By Business Daily | Feb 2, 2024
Untreated sinus issues can cause many different problems down the line, and it is important to remember during American Heart Month the links between chronic sinusitis and cardiovascular health. According to Dr. Stephen Bane of Capitol Breathe Free Sinus & Allergy Centers, sinusitis can lead to serious issues such as heart attack and stroke.
By Business Daily | Feb 2, 2024
Kaiko, a provider of cryptocurrency market data, recently announced that Binance's market share has rebounded to nearly 50%, just two months after the crypto exchange settled with the U.S. government. Binance is globally recognized as the largest cryptocurrency exchange in terms of trading volume.
By Business Daily | Feb 2, 2024
In a recent episode of the ESG Insider podcast, the focus was on how the insurance industry is tackling the dual challenges of climate change and biodiversity loss. Rebekah Clement, Corporate Affairs Director at Lloyd's of London, emphasized the importance of considering both issues together, stating, "The two are inextricably linked, and it is so, so important that we're looking at both of them in the round."While the industry has made progress in addressing climate change, there is still work to be done in understanding and addressing biodiversity loss. Clement...
By Business Daily | Feb 1, 2024
Spot intelligence data provider, Media Monitors, has reported that Morgan & Morgan, a prominent personal injury law firm, ranked among the top ten radio advertisers nationally in the week ending January 28. The company recorded 26,753 instances of Morgan & Morgan radio advertisements during that week.
By Business Daily | Feb 1, 2024
Casey Kempton has been chosen as the new leader of Nationwide's personal lines property business, according to an announcement made by Mark Berven, Nationwide P&C President and Chief Operating Officer. Kempton's appointment comes as she brings a strong track record of success in both personal lines and commercial lines.Berven highlighted Kempton's exceptional qualifications, stating, "Casey stood out in particular thanks to her strong track record of performance excellence, deep experience in using data insights and technology to fuel growth and innovation, and her...
By Business Daily | Feb 1, 2024
Black Americans have played a significant role in shaping the music industry, leaving an indelible mark on various genres such as country, jazz, and hip-hop. Their contributions continue to resonate with music lovers around the world. As we commemorate Black History Month, Grammy-award winning artist and Nationwide spokesperson H.E.R. is taking the initiative to educate and inspire through the power of music. H.E.R. will be sharing captivating Black music facts on Nationwide's social media channels, providing a platform for individuals to discover interesting insights and...
By Business Daily | Jan 31, 2024
The Zebra, a digital platform that facilitates comparison of insurance policies, has reported a nationwide increase in car insurance premiums by an average of 5% in 2023. Authored by insurance analyst Ava Lynch, The Zebra's report suggests that insurance rates can surge even if a driver maintains a clean record devoid of accidents and violations.
By Business Daily | Jan 31, 2024
The Cigna Group has announced its plan to sell its Medicare business, a move that industry analysts believe will position the managed care insurer for future acquisitions. The divestiture, in which Cigna will sell its Medicare businesses to Health Care Service Corp. for approximately $3.7 billion, comes at a challenging time for Medicare Advantage as insurers face growing medical costs associated with the plans due to delayed care caused by the COVID-19 pandemic.According to S&P Global Ratings analyst Francesca Mannarino, Cigna's Medicare segment lacked the necessary...
By Business Daily | Jan 31, 2024
The Insurance Information Institute (Triple-I) has released its 2023 Annual Report, showcasing the organization's achievements in a year marked by a record number of weather and climate disasters in the United States. These disasters resulted in at least $1 billion in damages.In his Annual Report letter, Triple-I CEO Sean Kevelighan emphasized the significance of climate risks and the insurance industry's response to them. He stated, "Triple-I is making clear how U.S. insurers and reinsurers have long been seeing the impacts of increased climate risk and are promoting a...
By Business Daily | Jan 31, 2024
The cyber insurance market is facing significant challenges due to the rapidly evolving information security landscape. In a recent episode of Next in Tech, analysts Thomas Mason, Dan Kennedy, and Scott Crawford discussed the complexities surrounding cyber insurance and the technologies associated with it.Insurers have traditionally played a crucial role in managing risk for businesses. However, the rise of cyberattacks, such as ransomware, has brought about a new kind of existential risk that has forced insurers to reevaluate their strategies. Thomas Mason, one of the...
By Business Daily | Jan 31, 2024
Texas regulators have approved several significant homeowners' insurance rate increases in the fourth quarter of 2023, making it one of the most impactful states in terms of rate hikes in the United States. According to an analysis by S&P Global Market Intelligence, Texas regulators cleared 46 rate increases during the quarter, with 10 of them ranking among the most substantial in the country.One of the most significant rate hikes was granted to State Farm General Insurance Co. by California state regulators. The company's overall rate was increased by 20%, resulting in a...
By Business Daily | Jan 30, 2024
The property/casualty industry continues to face challenges in underwriting losses, according to the latest report from the Insurance Information Institute (Triple-I) and Milliman. The 2023 net combined ratio for the industry is forecast to be 103.9, with commercial lines performing better than personal lines. Commercial lines have a net combined ratio of 97.7, while personal lines have a ratio of 109.9.The main driver of the adverse results is the record levels of severe convective storm losses. Despite this, the industry is experiencing growth, with a forecasted net...
By Business Daily | Jan 29, 2024
Progressive Insurance, the leading commercial auto insurer in the U.S., has announced a rebranding for its large fleet commercial line coverage. Formerly known as Protective Insurance, it will now be called Progressive Fleet & Specialty Programs (Progressive Fleet). This name change reflects the integration of businesses and highlights Progressive's expanded expertise in large fleet transportation and niche insurance programs for the transportation and delivery industries.Karen Bailo, Progressive's Commercial Lines President, stated, "This announcement was part of our...
By Business Daily | Jan 29, 2024
A new study conducted by the AAA Foundation for Traffic Safety sheds light on the alarming dangers faced by roadside assistance providers who risk their lives daily to help others. The study reveals that the number of fatal crashes involving these workers may be significantly higher than previously reported.According to the study, 123 roadside assistance providers were killed by passing vehicles between 2015 and 2021, a figure that dwarfs the approximate 34 noted in national crash data. This discrepancy is attributed to the failure of state police crash report forms to...