News
State Farm Mutual Automobile Insurance Leads Global P&C Insurers, According to S&P Report
S&P Global Market Intelligence has unveiled its latest findings in the largest Life and Property and Casualty Insurer Rankings, showcasing State Farm Mutual Automobile Insurance Co. as the foremost global Property and Casualty (P&C) insurer.
Follow us: Linkedin Twitter Facebook The report reveals that State Farm secured its position with an impressive $77.59 billion in direct premiums written.Allianz SE emerged as the top-ranking life insurance company globally, with China Life Insurance Co. Ltd. and Nippon Life Insurance Co. following closely behind in the second and third positions, respectively.
S&P Global’s report on The World’s Largest Life Insurers Rankings is based on 2022 life and accident & health reserves. The World’s Largest Property and Casualty Insurance Rankings use 2022 P&C gross premiums written data where available, resorting to alternative metrics like P&C gross premiums earned, net premiums written, net premiums earned, or statutory direct premiums written when gross premiums written data is not reported by a company.
The announcement coincides with the release of the inaugural global ranking of the 50-largest P&C insurers. The rankings underscore the dominance of European-headquartered companies across six markets in the life insurance category, securing 21 spots.In contrast, American companies dominated the P&C list, claiming a majority of the top 50 positions, with a notable eight companies making the cut. The report sheds light on the global landscape of insurance giants, showcasing the diverse strengths and market presence of leading companies in both the life and P&C sectors.
Events
CoreLogic's INTRCONNECT 2024: Building Tomorrow Together | Jan 21-24 | Austin, TX
INTRCONNECT: A CoreLogic experience you should not miss
For the second year, property insurance and restoration industries merge to collaborate and gain new insights and perspectives. At INTRCONNECT, hundreds of property insurance and restoration professionals gather to analyze the current and future states of the industry – and to explore strategies for future-proofing their businesses.
2023 REVIEW
2023 in Review | ITL's Yearly Wrap Up Featuring the Top Content of The Year.
Top articles, commentaries and interview of 2023 from the well read and respected Insurance Thought Leadership
Insurance Thought Leadership is affiliated with The Institutes
2023: Insurtech In Review
The year 2022 was characterized by a pronounced move towards digital and embedded insurance solutions.
Notable moments included Applied snapping up Tarmika, Ethos’s acquisition of Tomorrow, Travelers taking over Trov’s technological assets, Experian’s integration with Gabi, Hub’s acquisition of parts of Insureon, and GEICO’s strategic shift to limit phone sales across various states.
Additionally, this was the year when State Farm invested in ADT, FOXO went public, and despite high expectations, Kin and Policygenius chose to stay private. Let’s not forget the noteworthy entry of Amazon and Lemonade into the UK insurance market.
2023 isn’t all that different.
Here’s a quick rundown
Analysis: P&C sector represented the bulk of this year’s insurance layoffs
Property and casualty (P&C) insurers represented the largest portion of insurance-related layoffs this year, according to a new analysis.
The S&P Global Market Intelligence analysis found that at least 6,800 jobs were lost throughout the year in the P&C space, with approximately 20 companies trimming back on staff to “refocus their businesses or decelerate cash burn.”
“For larger carriers, the layoffs were less about conserving cash so that they can survive longer and more about, in some cases, refocusing the business,” according to Kaenan Hertz, managing partner at Insurtech Advisors LLC, told S&P.
Farmers Insurance topped its list of layoffs after the company let go 2,400 people in August, or approximately 11% of its employees through all its businesses lines. It said at the time that it was shifting to a “more simplified and streamlined organizational structure.”
Romans Group Releases 2022 Profile of Evolving Collision Repair Marketplace
The annual report found 2022 set a new high-water mark for the industry, but there are still challenges, primarily the technician shortage.
The Romans Group recently published its 17th annual white paper, “A 2022 Profile of the Evolving U.S. and Canadian Collision Repair Marketplace,” analyzing a banner year for the industry and predictions for the future.
The full white paper, containing the complete results of the group’s research and analysis for 2022, including more than 75 charts and graphs with historical trends and a future view, can be purchased by contacting Mary Jane Kurowski at maryjane@romans-group.com.
Pre-COVID 2019 had been the apex year for the U.S. collision repair industry, with a total addressable market (TAM) of $38.6 billion, the highest in history---until 2022, which set a new benchmark for opportunity and success, with a TAM of $44.8 billion.
Despite the continued technician shortage, this was possible due to the industry’s general improvement in better optimizing production throughput and the ongoing increase in severity throughout 2022 and continuing into 2023. The recovery from the pandemic’s downward impact in 2020 and 2021 continues to have near-term relevance for comparison purposes for the post-pandemic years of 2022 and 2023.
The recovery continues its steady growth despite the tightening economy for the North American collision repair industry and the broader auto physical damage landscape. The steady number of vehicles on the road and a consistent and stable number of car accidents continues to fuel demand for collision repair services without any significant decrease in sight.
However, the collision repair technician shortage in the U.S. remains a significant challenge impacting the ability to repair and service these vehicles in a timely manner.
World’s First All-Speed Crash Detection, Including ZeroMotion, by Sfara
Sfara announces today the world’s first all-speed crash detection, from zero motion to high speeds, capturing the additional 70% of automobile crashes that other solutions miss.
Sfara’s smartphone-based crash detection covers users through the full range of driving conditions, including under 25mph and when a vehicle is not moving. Other solutions either miss or don’t report these incidents because they are unable to reliably perform.
This means Sfara’s technology is the only solution on the market that detects the additional 70% of incidents others miss, and works quickly and accurately enough to support programs for both First-Notice-of-Loss (FNOL) and emergency response.
Despite conventional thinking, collisions that occur below 25mph are vitally important, given the injuries and the property damages that occur. Government and industry statistics present a startling picture of what occurs on roadways that the others miss.
What occurs under 25mph (injury and damage facts)
- 70% of crashes
- 48% of crashes with injury
- 22% of crashes with fatalities
- 20% of crashes occur in parking lots
Non-moving vehicle (injury and damage facts)
- 27% of crashes with injury occur when a vehicle is not moving
- 11% of crashes with fatalities occur when a vehicle is not moving
- 700,000 crashes occur at stop signs annually, with over 1300 of these resulting in a death
2024 PREDICTIONS
TODAY'S NEWSLETTER HONORS JANUS
As the god of transitions and dualities, Janusis portrayed with two faces—one facing the past, and one facing the future. He also holds a key in his right hand, which symbolizes his protection of doors, gates, thresholds, and other separations or openings between spatial boundaries.
2024 and Beyond: Change Becomes Non-Negotiable
We cannot imagine a riskier undertaking than predicting the future given the totally unforeseeable events of recent years, the current state of the insurance industry and the world in general.
On the other hand, there are some basic principles that help guide us through the exercise. In addition, we have hedged our prediction by widening our guidance to not just 2024 but also to the near future.
Read the compete article here as published in Insurance Innovation Reporter
Stephen Applebaum and Alan Demers
5 Predictions for the insurance industry in 2024
As we look ahead to 2024, while we see many challenges for the insurance industry, we meet these with optimism. Insurance is a resilient industry with a deep sense of purpose—offering people, families and businesses protection and a more secure future.
Kenneth Saldanha, Senior Managing Director – Global Insurance Lead, Accenture
Venture Capitalist Bradley Tusk outlines what startups should expect from government agencies and regulators over the next year
Between the regulatory crackdown on cryptocurrency companies, increasing unease over the impact of artificial intelligence on humanity, and the FTC’s intense scrutiny on M&A deals, this has been a year for the books.
Now what? Each year, Term Sheet asks Bradley Tusk, the cofounder and CEO of Tusk Venture Partners, to predict which regulatory battles will be most important for tech companies over the next 12 months and how they will ultimately play out.
Tusk, a former campaign manager for Michael Bloomberg, made a name for himself by successfully lobbying for Uber when Bill de Blasio was trying to cap the number of rideshares in New York. Now Tusk runs the early-stage venture capital firm Tusk Venture Partners as well as the political consultancy firm Tusk Strategies.
Here’s what he predicts for 2024.
Jessica Mathews, Fortune/Term Sheet & Bradley Tusk, Tusk Holdings
Verisk Director: Super El Nino Appears to Be Strongest on Record
Judah Cohen, principal scientist and director of seasonal forecasting at Verisk, says a Super El Nino in the Pacific could have an impact on winter weather conditions throughout North America.
2024 Executive Outlook | Greg Purdy, Rival Insurance Technology | CANADA
At a high level, we expect 2024 to be a challenging year for the industry. We have no clear picture on where interest rates may land when approximately half of Canadian mortgages renew in 2025, and we have historic levels of household debt. International turmoil will continue to inject volatility into financial markets. This will affect insurers, which in turn impacts how they work with brokers. All of this will potentially influence auto and property insurance premiums for consumers.
Consumer expectations will continue to evolve. As we’ve come out of the challenges of COVID-19, consumers have become significantly more comfortable with online purchases of products and services. Additionally, demographic changes are putting pressure on how people interact with their providers. ‘Easier’ and ‘faster’ have become tablestakes and objectives in themselves. Combined with shrinking consumer attention spans, there’s an increasing demand for solutions achieving these goals.
We believe 2024 will see a more competitive landscape emerge in the broker management systems (BMS) and managing general agencies (MGA) markets. We will provide enhanced solutions for both.