P&C Insurers Return To Profits Amid Economic Uncertainty
Property and casualty insurers collected record-setting profits in 2024, but macroeconomic conditions and other factors threaten to stymie their growth, says a broker and author of a recent report. Here, Law360 speaks to Vince Gaffigan about what drove growth, the looming risks ranging from inflation to catastrophic weather events, and what brokers and insureds should do to ready themselves against an array of uncertainties.
PNC's $106M Coverage Loss Cautionary Tale For Acquisitions
A recent Third Circuit ruling rejecting PNC Bank's more than $100 million coverage bid for an underlying judgment against a subsidiary highlights a small but potentially impactful provision precluding coverage for wrongful acts that occur prior to an acquisition.
Amid New Political Reality, NAIC Says No Fed Insurance Office
State insurance regulators made a significant push to limit perceived federal intrusion into their authority last week when their primary deliberative body called for the abolition of a U.S. Treasury office tasked with identifying and reporting on risks to the industry.
P&C Insurers Return To Profits Amid Economic Uncertainty
Property and casualty insurers collected record-setting profits in 2024, but macroeconomic conditions and other factors threaten to stymie their growth, says a broker and author of a recent report. Here, Law360 speaks to Vince Gaffigan about what drove growth, the looming risks ranging from inflation to catastrophic weather events, and what brokers and insureds should do to ready themselves against an array of uncertainties.
PNC's $106M Coverage Loss Cautionary Tale For Acquisitions
A recent Third Circuit ruling rejecting PNC Bank's more than $100 million coverage bid for an underlying judgment against a subsidiary highlights a small but potentially impactful provision precluding coverage for wrongful acts that occur prior to an acquisition.
Amid New Political Reality, NAIC Says No Fed Insurance Office
State insurance regulators made a significant push to limit perceived federal intrusion into their authority last week when their primary deliberative body called for the abolition of a U.S. Treasury office tasked with identifying and reporting on risks to the industry.
Expert Analysis
As the first quarter of 2025 draws to a close, important changes to the Federal Rules of Evidence regarding the us... (more story)
As highlighted by a California Department of Insurance bulletin clarifying the effect of two recent decisions on i... (more story)
The recently enacted New York Climate Change Superfund Act imposes a massive $75 billion in liabilities on energy ... (more story)
Property More
A certified class of more than 151,000 Progressive customers has asked a Georgia federal judge to grant final approval to a $43 million settlement resolving allegations the insurer's units systematically under... (more story)
Average homeowners insurance premiums in the United States rose by 24% from 2021 to 2024, a national crisis that is putting pressure on Americans with mortgage burdens, according to a report issued Tuesday by ... (more story)
A Louisiana federal judge again refused to find that the insurer of a suburban New Orleans commercial property acted in bad faith in denying to cover $220,000 in damage Hurricane Ida allegedly caused in 2021.
Lexington Insurance Co. does not owe a Washington tribe business-loss coverage after COVID-19 forced the shutdown of the tribe's casino, a Washington state appeals court said Monday, ruling that the virus did ... (more story)
A Washington condo association has filed a federal consumer protection complaint against Country Casualty Insurance Co., alleging $2.4 million in unpaid claims for hidden water damage to exterior sheathing and... (more story)
A Georgia law firm hit Allstate Insurance Co. with a proposed class action over allegations that it fails to pay title transfer fees and license registration fees to insureds who incur total loss claims.
An insurer can't escape an auto parts manufacturer's suit seeking $50 million in coverage for COVID-19-related losses, a North Carolina federal court ruled, saying the manufacturer sufficiently alleged that it... (more story)
General Liability More
Two excess insurers for a drywall company have no duty to reimburse another excess insurer for payments it made to settle two asbestos injury lawsuits, a Texas federal court ruled, finding those lawsuits didn'... (more story)
A wood company's insurer said it owed nothing in connection with the crushing death of a recycling company worker who was killed by equipment rented from the wood seller, telling a California federal court tha... (more story)
Injury claims against toy-makers Mattel and subsidiary Fisher Price over their Rock n' Play Sleeper products constitute a single occurrence under Mattel's various commercial general liability policies, a Delaw... (more story)
An AIG unit has no duty to defend a Washington-state-based firearms retailer in three underlying lawsuits accusing the retailer of knowingly selling unfinished components that could be used to assemble what ar... (more story)
An insurer has no duty to defend or indemnify the Los Angeles Zoo's nonprofit arm in a contractual dispute brought by the city, the carrier told a California federal court, saying claims arising out of a breac... (more story)
A New York federal judge said there was too much controversy to hand an early win to a stone company in its case seeking coverage of a more than $6.1 million loss over marble destroyed by a snail infestation.
Specialty Lines More
An insurer for an aerospace products manufacturer can't escape claims that it wrongfully denied coverage of an approximately $3.3 million loss from fund mismanagement after years of delay, an Oregon federal court ruled.
An Illinois agency that administers the estates of financially distressed insurers can't get coverage from a Hartford unit for a computer system breach that the agency said caused roughly $4 million in outstan... (more story)
Several unlicensed individuals submitted hundreds of fraudulent charges for services provided to Geico-insured car accident victims, the insurer has alleged in New York federal court, claiming it lost more tha... (more story)
The U.S. Chamber of Commerce and major insurance industry groups urged the U.S. Supreme Court to undo a Ninth Circuit decision allowing a class action to proceed against State Farm over its use of "negotiation... (more story)
A trucking company's insurers owe coverage for underlying litigation brought by a former employee who said the company violated his biometric privacy rights by using a hand-scanning timekeeping system that sto... (more story)
A Swiss Re unit can limit the rates it pays to defend utility company Aqua's successor entity in litigation over alleged lead contamination in a Chicago suburb's water supply, a Pennsylvania federal judge has ... (more story)
Progressive asked a North Carolina federal court to declare it does not owe bodily injury coverage to a woman who was hurt while riding as a passenger on a motorcycle that went off the road, arguing in its new... (more story)