News

California, Florida, and Texas lead the way as property and casualty premiums climb to $780 billion
California emerged as the top performer in the US property and casualty insurance market with $94 billion in direct premiums
California, Florida, and Texas lead the way as property and casualty premiums climb to $780 billion
This was followed by Florida with $71 billion and Texas with $59 billion, according to new Insurance Business+ data.
Direct premiums earned for the entire property and casualty industry totaled $780 billion in 2024, up from $742 billion in 2023. This has increased steadily since 2014, with the exception of a dip in 2022, which rebounded in 2023.
In 2022, the industry grappled with elevated claims severities driven by inflation. Notably, used car inflation resulted in approximately $15 billion in additional claims costs, particularly affecting personal auto insurance. This surge in claims costs pressured underwriting profitability and constrained premium growth, according to Swiss Re.
Disturbing News

'Luigi the Musical,' about accused United Healthcare CEO killer Luigi Mangione, to debut in San Francisco
[Editor's Note 1: With the brutal murder images of United Healthcare CEO Brian Thompson still vividly in mind - any celebration of the accused killer is difficult to stomach. Heroism is defined as "great bravery and valor", none of which fits this ruthless and cowardly crime]
[Editor's Note 2: While we acknowledge serious issues in our Healthcare delivery system, this puts a bright spotlight on America' rapidly deteriorating mental health and proclivity for violence - and seemingly wider acceptance]
“Luigi the Musical,” billed as “A story of love, murder and hash browns,” is due to open in June. From the killer barber of “Sweeney Todd” to Stephen Sondheim’s “Assassins,” musicals have long dealt with morbid subject matter. Now, a musical based on Luigi Mangione, the 26-year-old man accused of killing the UnitedHealthcare CEO, is on its way to San Francisco.
“Luigi the Musical,” billed as “A story of love, murder and hash browns,” is due to open in June at the Taylor Street Theatre, formerly the Exit Theatre, according to NewsNation affiliate KRON.
The show is described as a “wildly irreverent, razor-sharp comedy that imagines the true story of Luigi Mangione.” It features other famous characters, including convicted crypto-fraudster Sam Bankman-Fried, and former rap mogul, turned accused sex trafficker Sean “Diddy” Combs.
Luigi Mangione musical will be 60 minutes long
Mangione, who was arrested as the prime suspect in the killing of UnitedHealthcare CEO Brian Thompson, shares the same prison as Bankman-Fried and Combs. Although it is unlikely he is cellmates with either, in the show, Mangione’s character navigates “friendship, justice, and the absurdity of viral fame,” with the two by his side.
Research

Joining the Century Club: The New Retirement Risk Americans Aren't Ready For
The number of Americans living to 100 and beyond is expected to quadruple by 2054, according to the U.S. Census Bureau.
Yet despite this surge in longevity, new research from Nationwide Retirement Institute and The American College of Financial Services ("The College") reveals a troubling disconnect: while lifespans are rising well into the 90s and beyond, financial planning hasn't kept pace. As a result, millions face a growing risk of outliving their savings.
The research—conducted as part of the Nationwide Retirement Institute's Century Club campaign, which explores the financial implications and consumer sentiment related to rising life expectancy—highlights just how fragile the equation can be. According to The College's research, extending a retirement by just 5 years from 30 to 35 years increases the risk of depleting savings by a striking 41%, based on historical market returns. And that risk only intensifies as lifespans continue to lengthen, particularly among healthy, higher-income retirees.
A companion consumer survey from the Nationwide Retirement Institute shows most Americans are underestimating both their chances of living to 100 and the financial demands that kind of longevity brings. In fact, only 29% of respondents said they want to live that long, citing concerns about declining health and deep financial anxieties. Roughly three in four fear they'll run out of money before they run out of time.
Today's volatile economic environment is raising the stakes even higher. According to the joint research, two out of five non-retired Americans (40%) now say they plan to delay retirement due to inflation. And the math is sobering when factoring in lower projected 10-year portfolio returns: Extending retirement by just five years increases the risk of running out of money by more than 300% according to The College's analysis.
These findings send a clear message—retirement planning needs a major reset. Both consumers and advisors must shift their mindset, prioritizing longevity risk and placing a stronger emphasis on guaranteed income strategies that can weather uncertainty.

Overall length of rental down to 16.7 days, collision industry may have found ‘new normal’
Enterprise Mobility reports that for Q1 2025, the overall length of rental (LOR) was down to 16.7 days compared to Q1 2024.
The rate declined by less than one (0.9) day, while by this time last year, it had declined by 1.1 days from Q1 2023, when overall LOR was 18.7 days.
“We have previously discussed the outsized impact on LOR in 2022 and 2023, given the post-COVID effects of vehicle production and supply chain issues,” the Q1 2025 LOR report states. “When we compare Q1 2025 to Q1 of 2020, overall LOR is currently 3.5 days higher; LOR in Q1 2020 was 13.2 days. And in Q1 2019, overall LOR was even lower at 12.8 days.”
AI in Insurance

Insurants AI Introduces Revolutionary Submission Processing Solution to Enhance Underwriting Efficiency
Insurants AI, a trailblazer in insurance technology solutions, is thrilled to announce the launch of its new Submission Processing solution. This innovative tool is designed to read emails and their attachments—including briefing documents, Statements of Values (SOVs), Loss Runs, and more—to extract valuable information, improve data quality, and create consolidated summaries that streamline the underwriting process while eliminating tedious manual tasks.
In an industry where timely and accurate information is critical, Insurants AI's Submission Processing solution addresses the common challenges of information overload and data inconsistency. By automating the extraction and summarization of crucial details from incoming submissions, insurance professionals can focus on making informed underwriting decisions rather than getting bogged down by administrative work.
"By leveraging advanced data extraction technologies, we are enhancing the quality of the information available to underwriters, allowing them to work more efficiently and effectively. Trained on hundreds of thousands of commercial insurance documents we're delivering exceptional results."
"Our new Submission Processing solution represents a significant advancement in how insurance submissions are handled," said Laurence Trigwell, CRO of Insurants AI. "By leveraging advanced data extraction technologies, we are enhancing the quality of the information available to underwriters, allowing them to work more efficiently and effectively. Trained on hundreds of thousands of commercial insurance documents we're delivering exceptional results."
InsurTech/M&A/Finance💰/Collaboration

Nexar and HDVI Partner to Bring AI-Powered Dashcam Solutions to Commercial Fleets
New Partnership Empowers Fleets with Easy-to-Install Safety Technology, Streamlined Claims Support, and Exclusive Access for HDVI Insureds
Nexar, a leader in AI-powered mobility solutions, today announced a strategic partnership with High Definition Vehicle Insurance (HDVI), a technology-driven commercial auto insurance provider. Through this collaboration, HDVI's insured fleets now have access to Nexar's innovative, self-installed dashcam technology designed to improve safety, simplify claims processes, and deliver enhanced value to both agents and insureds.
As commercial auto insurance markets face rising loss ratios, increasing litigation, and more frequent fraudulent claims, fleets are under pressure to find smarter, faster solutions. Nexar's AI-driven dashcams provide fleets with critical, real-time insights by detecting and reconstructing collisions, helping reduce fraud, and accelerate claims resolutions.
"We're thrilled to partner with HDVI to bring our easy-to-use, powerful technology to even more fleets," said Jon Miller, Vice President of Enterprise Growth at Nexar. "Together, we're giving fleets the tools they need to improve safety, stay ahead of risk, and operate more efficiently—without complicated installs or high upfront costs."
As part of the partnership, HDVI insureds will receive exclusive discounted access to Nexar's hardware. The collaboration also enables HDVI agents to offer their clients a field-tested solution proven to deliver real-world impact.
[MORE]https://www.prnewswire.com/news-releases/nexar-and-hdvi-partner-to-bring-ai-powered-dashcam-solutions-to-commercial-fleets-302444038.html)

M&A insurance demand could surge as cross-border deals get riskier | Insurance Business America
Global mergers and acquisitions (M&A) activity is heating up again in 2025, with dealmakers moving quickly to capitalize on stabilizing interest rates, pent-up capital, and new sectoral opportunities.
However, geopolitical risks, including trade policy uncertainty in the US, ongoing war in Ukraine, and right-wing electoral surges in countries like Germany and France, are posing significant hurdles for investors. As economic and political volatility casts shadows over these regions, M&A players are re-evaluating the risks in cross-border mergers and acquisitions.
Rowan Bamford, president of Liberty GTS, a leading M&A insurance provider, said cross-border deals inherently carry more risks than domestic transactions, which could drive opportunities for warranty & indemnity (W&I) insurance, also known as transactional risk insurance.
“M&A during January and February was slower than we expected in the US, but we don’t see that as a sign of a broader trend. We think it’s just the market taking a moment to digest and recalibrate in light of potential policy shifts,” he said.
Financial Results

Allstate knocks it out of the park with profits
The Allstate Corporation saw the greatest profit increase in the US for the first three quarters of 2024, boasting a 259% increase in profits, a new Insurance Business+ report finds.
This turnaround was largely attributed to enhanced claims management, which allowed Allstate to reduce claims payouts and optimize operational costs.
One of the key drivers was a substantial 11.6% increase in property-liability earned premium. This growth was supported by ongoing premium rate hikes and high customer retention in the auto and homeowners’ insurance markets. These pricing adjustments played a crucial role in offsetting the impact of elevated claims costs and a rise in catastrophe-related losses.
Allstate’s auto insurance division emerged as a standout contributor, generating $486 million in underwriting income for the quarter. The segment’s performance was buoyed by strategic rate increases and disciplined cost control, although the overall number of policies in force saw a slight decline.
Allstate’s impressive gains were followed by a 221% profit increase for MetLife and a 220% profit increase for Progressive.

Chubb's net income dropped nearly 38% in Q1
The insurer attributes much of this drop to large losses from January's wildfires in California.
Alongside its quarterly earnings report, Chubb's CEO also lamented struggles facing the insurance industry because of outside factors like governmental trade policy and tariffs.
Chubb Limited reported a significant decline in year-over-year net income for the first quarter of 2025, which the insurer says was largely fueled by catastrophic losses from the California wildfires earlier this year.
Overall, in Q1 Chubb had a net income of $1.33 billion, which is a 37.9% decrease from Q1 2024. Its core operating income also dropped by about 31% year-over-year to $1.49 billion.

Everest Group reports first-quarter financial results
Everest Group reported its first-quarter 2025 financial results, showing a decline in net income and operating income due to a significant increase in catastrophe losses.
The company posted net income of $210 million, or $4.90 per diluted share, a decrease from $733 million, or $16.87 per diluted share, in the same quarter last year. Net operating income also dropped to $276 million, or $6.45 per diluted share, compared to $709 million, or $16.32 per diluted share, in Q1 2024.
Gross written premiums for the quarter totaled $4.4 billion, reflecting a 2% decline year-over-year for the company. The reinsurance segment saw a decrease of 1.1%, while the insurance segment’s premiums declined by 0.1%.
Despite these reductions, the company saw strong growth in property and specialty lines, partially offset by declines in some casualty lines.
The combined ratio for the company was 102.7%, up from 88.8% in Q1 2024, due mainly to catastrophe losses. Pre-tax catastrophe losses amounted to $472 million, significantly higher than the $85 million recorded in Q1 2024. Of the total catastrophe losses, $442 million was related to the California wildfires.
Announcements

Erie Insurance establishes $100 million charitable foundation
Erie Insurance (ERIE) today announced the creation of the Erie Insurance Foundation, a private charitable foundation that will create long-term sustainability for charitable contributions and grantmaking. To launch the initiative and seed the foundation's endowment, Erie Indemnity Company, the management company for Erie Insurance, is donating $100 million.
Consolidating many of the company's charitable giving funds and activities previously coordinated by the Erie Giving Network under this separate 501(c)(3) foundation will enable the foundation's board of directors and officers to direct the entity's investment decisions, charitable strategy and grant funding. The $100 million seed gift from Erie Indemnity will build a charitable legacy for years to come as the initial gift can be invested and grow.
Establishing the Erie Insurance Foundation is part of the company's 100th anniversary celebration in 2025, during which ERIE and its employees are also participating in several other initiatives aimed at giving back to local communities, such as "100 Days of Service" and "100 Days of Giving."
"At Erie Insurance, service has been central to our success for 100 years," said ERIE's Chief Diversity & Community Development Officer Christy Blashock, who will also serve as president of the Erie Insurance Foundation. "We understand and embrace our great responsibility to help grow and develop communities where our own ERIE Family lives and works. A century later, these ideals remain at the heart of who we are at ERIE. This substantial seed gift, and the foundation itself, will provide support for charitable organizations well into the future."

New York Liberty and Liberty Mutual Insurance Announce Multiyear Partnership
Today, 2024 WNBA Champion New York Liberty and Liberty Mutual Insurance – one of the largest global property and casualty insurers – announced a multiyear partnership, reinforcing both organizations' commitment to supporting the continued success of women's sports and a rapidly growing league.
The Liberty Mutual logo will be prominently displayed across the abdomen of all New York Liberty jerseys beginning with the 2025 WNBA season.
Liberty Mutual Insurance and New York Liberty Mascots (L-R): Doug, Ellie the Elephant, LiMu EmuThe Liberty Mutual logo will be prominently displayed across the abdomen of all New York Liberty jerseys beginning with the 2025 WNBA season.
As part of the partnership, the Liberty Mutual logo will be prominently displayed across the abdomen of all Liberty jerseys beginning with the 2025 WNBA season. Additionally, Liberty Mutual branding will be displayed on the Liberty's home court at Barclays Center and appear on the team's seatbacks and kickplates.
Together, the New York Liberty and Liberty Mutual empower individuals to live their fullest lives, both on and off the court. The Liberty inspires fans to seize every moment, while Liberty Mutual provides protection for what matters most. Together, they champion a future where everyone can win.
"The New York Liberty are laser focused on creating a model for business success in women's sports and catalyzing growth for our organization and league," said Keia Clarke, Chief Executive Officer of the New York Liberty. "Longer term investments in women's sports are what will drive business forward - providing women athletes the opportunity and recognition they deserve – and we are proud to have the Liberty Mutual logo displayed on our team's jerseys as we pursue another championship."
Recommended Events

InsurTech Summit 2025 - New York, NY, June 3
Tuesday, June 3 | New York, NY One Vanderbilt Avenue, 67th Floor, New York, NY 10017
The Future of Insurance Innovation
Connect with top innovators, investors, and founders shaping the industry at InsurTech Summit 2025.
Expect a day packed with networking opportunities, panel discussions, and valuable insights on the future of insurance innovation, including potential challenges and exciting opportunities that awaitAGENDA
The fee is $395 per registrant. Registration includes access to all programming and qualifying social and networking events. For our valued clients, please reach out to your McDermott relationship partner for discounted access to the Summit.
We reserve the right to review registrations for this exclusive rate at our discretion.