Today's Headline
Insurers ride premium surge amid shifting global market trends
The world’s 20 largest publicly listed insurers reported an average year-on-year premium growth of 6.8% in 2024, according to a new analysis by GlobalData.
This performance was attributed to higher interest rates, investment gains from equity markets, and the continued rollout of digital transformation initiatives.
Companies also benefited from expanding into underpenetrated markets and leveraging vertical integration. Among the top 20, 18 insurers recorded growth in premiums earned, with Prudential Financial and Progressive Corporation among those posting the largest increases.
Consumer behavior and product trends
Murthy Grandhi, company profiles analyst at GlobalData, noted that evolving consumer behaviour is shaping demand in the insurance sector.
“As global financial literacy continues to improve, a significant shift in consumer behaviour towards more proactive financial planning is evident. This trend is driving an increased demand for products that seamlessly integrate insurance with savings,” he said.
Financial Results
Triple-I/Milliman: 2025 US P/C Insurance Outlook Shows Strength in Personal Auto, Ongoing Pressure in General Liability Lines
The U.S. property/casualty (P/C) insurance industry began 2025 with a mixed underwriting outlook, according to the latest report, Insurance Economics and Underwriting Projections: A Forward View, from the Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. Personal auto insurance remains a bright spot, while general liability insurance continues to face ongoing profitability concerns.
"The U.S. economy and P/C industry have been resilient in the face of tariffs and trade uncertainty. The insurance industry's economic growth drivers continue to outperform overall U.S. GDP growth.”
Key Highlights by Segment:
Personal Auto
The 2025 net combined ratio (NCR) for personal auto is forecast at 96.0, approximately 1 point higher than 2024 but on track to achieve continued profitability.
Homeowners
The Los Angeles wildfires in January 2025 contributed significantly to industry losses. The Q1 2025 loss ratio was the worst first-quarter performance for homeowners in over 15 years and the worst of any quarter since Q2 2011.
General Liability
The Q1 2025 general liability loss ratio was the second worst first quarter in 15+ years, less than a 1-point improvement from Q1 2024, and signifying continuing profitability concerns. Industry Trends and Economic Influences
Premium Growth Outlook:
The overall 2025 net written premium growth rate is forecast at 6.8%, down 2.0 points from 2024, and the lowest since 2020. Personal lines growth is expected to exceed commercial lines by 1.5 percentage points in 2025, although the gap is forecast to narrow by 2027.
Profitability Outlook:
The industry-wide NCR forecast for 2025 is 99.3, up 2.7 points from 2024. Despite line-specific challenges, 2026 is expected to return to broader profitability
Global: The first quarter of the century saw around 1000 insurance companies closing down
Global:The first quarter of the century saw around 1000 insurance companies closing down
Between 2000 and 2024 the world saw 965 insurers shutting shop majorly due to insolvencies according to a new research study released in July 2025.
The 55-page third edition of When, Where and How Often Insurers Fail: The Global Failed Insurer Catalogue – 2025 Update published by Property and Casualty Insurance Compensation Corporation (PACICC) reveals that insurer failures happen, often under different legal and regulatory frameworks.
On average, 36 insurers globally exit the market involuntarily each year due to solvency concerns or regulatory intervention. The report defined these exits as non-voluntary and the result of binding regulatory decisions.
The latest edition of the catalogue found that between 2000 and 2024, 965 insurance companies failed across 71 countries. Of these, 606 were non-life insurers, 324 were life insurers and 35 were composite insurers offering both types of coverage.
The study found that insurers failed on each of the continents around the globe, except Antarctica.
Some 555 global insurance failures:
- more than half (57.5%) of all failures since 2000 have occurred in North America.
- Another 139 insurers (14.4%) failed in Europe.
Conning: U.S. MGA Premiums Climb 16% to $114 Billion in 2024
In 2024, the U.S. Managing General Agent (MGA) market continued its robust expansion, with direct premiums written rising 16% year-over-year to an estimated $114.1 billion. This growth once again outpaced the broader property-casualty market.
According to Conning's latest strategic study, "Managing General Agents: Built for What's Next," the MGA sector benefited from a convergence of favorable market dynamics, including continued migration of underwriting talent from carriers and brokers to MGAs, increased adoption of AI and automation, and sustained premium flow into the E&S market. Confidence in technology investment is rising—only 25% of MGAs expressed concern about underinvestment, down from 34% five years ago.
Growth was supported by:
- Continued migration of experienced talent from traditional insurers to MGAs
- Rapid scaling of platform-based MGAs accelerating program launches
- Expanding adoption of AI and automation across operations
- Broad and resilient capacity support from reinsurers, traditional carriers, and fronting companies
- Lloyd's maintaining its role as a leading capacity provider
"Powered by talent, tech, and smart capital, MGAs continued to outpace the market in 2024—showing once again that agility wins in today's insurance landscape," said Lauryn Kothavale, a vice president for Insurance Research at Conning.
The study also highlights the growing role of fronting companies, which supported more than $18 billion in MGA premium in 2024, an increase of 26% over the prior year. Approximately 20% of total MGA premium is now backed by fronting carriers.
Climate/Resilience/Sustainability
Low NFIP uptake in rural areas to limit insured losses from deadly Texas flooding: Aon - Reinsurance News
Given the low NFIP take-up rates across rural areas, Aon has noted that the recent deadly Texas flooding is not likely to be a major insured industry loss event, though total economic losses may still reach into the billions of USD.
Insurance inquiries surge amid catastrophic Texas flooding
Many homeowners mistakenly believe flood insurance is only for those in high-risk zones or that homeowners’ insurance covers flooding.
As historic floods devastate parts of Texas, insurance agencies hundreds of miles away in Alabama are seeing a spike in questions about flood protection- even from residents who don’t live near water.
At Robinson Bryant Insurance in Montgomery, phones have been ringing nonstop.
“Everybody’s asking questions about the coverage. How does it work? How can they obtain it?”, said agency principal Otanaio Robinson.
Robinson said many homeowners mistakenly believe flood insurance is only for those in high-risk zones or that homeowners’ insurance covers flooding, but both are dangerous misconceptions.
Research
Rising costs and climate impact shapes claims, says Crawford & Company
Crawford & Company, an independent provider of claims management and outsourcing solutions to carriers, brokers and corporates, has released its latest Large Loss Claims Review and Outlook.
The report provides insights from Crawford’s global operations, highlighting the shifting dynamics of major claims and the urgent need for adaptability across the insurance sector.
Drawing on Crawford’s frontline experience managing high-value claims across multiple geographies, the report identifies a continued increase in the frequency and scale of extreme weather events.
This trend, driven by long-term climate patterns, is creating a new baseline for disaster-related losses and testing the capacity of traditional response models.
According to Crawford, navigating this new environment requires faster decision-making, innovative tools, and a flexible mindset from insurers and loss adjusters alike.
Crawford also points to rising inflation and supply chain instability as significant drivers of higher claim costs. The escalating prices of materials and skilled labour—combined with tariffs and global shipping challenges—are making recovery more expensive and time-consuming.
2025 Auto Sales Forecast Downgraded - Showroom - F&I and Showroom
Cox, observing unresolved tariff policy, expects demand to keep falling through the second half of the year. Cox dropped its full-year sales forecast from 16.3 million units to a potential low of 15.6 million
At midyear Cox Automotive revised down its original 2025 auto sales forecasts as analysts expect U.S. trade tariffs and high interest rates to dampen demand.
Cox lowered estimates to ranges in the uncertain atmosphere of U.S. trade negotiations and back-and-forth White House policy changes.
It dropped its full-year sales forecast from 16.3 million units to a potential low of 15.6 million, the retail share down from 13.3 million to as low as 12.8 million.
The lease volume forecast is for 100,000 fewer units to 3.2 million, Cox predicted, while it kept expected lease penetration at 25%.
Cox cut its used-vehicle sales outlook by 200,000 units to as low as 37.6 million, retail sales alone from 20.1 million to as low as 19.9 million. It similarly dropped its certified preowned forecast by about 100,000 units to as low as 2.4 million.
Tariffs, Cox said, raise prices and lower production over the longer term, leading to fewer sales, adding that consumer uncertainty and high interest rates compound lowered demand.
It declared that tariff-fueled auto shopping has ended and that demand should wane for the rest of the year, as most major auto brands’ sales have already fallen from the spring highs.
News
Crash Champions Revenue Soars 540% to $2.75 Billion
Matt Ebert, the founder and CEO of Crash Champions, has transformed his car-collision repair business into a national powerhouse with over 650 locations and $2.75 billion in revenue.
Ebert's journey began in a small town in Indiana, where he grew up with modest means and no expectation of attending college. His passion for cars and entrepreneurial spirit led him into the collision-repair industry after fixing his own wrecked car as a teenager. Starting with a single shop in 1999, Ebert expanded Crash Champions into a national powerhouse, largely employing workers without college degrees.
Ebert's company has seen a 130x revenue growth since 2019 and employs more than 10,000 people. Like Ebert, 83% of his workforce doesn’t have a college degree. Ebert believes that college is not the only path to success and that many trade jobs offer lucrative careers without the burden of student loan debt. At
Crash Champions, technicians make more than $100,000 a year, which is about 1.6 times that of the average U.S. worker. The company views college as a bonus, not a requirement, and focuses on continued learning and development for its employees. READ ON
Telematics, Driving & Insurance
The Telematics Edge in Commercial Auto | Insurance Thought Leadership
Despite declining profitability, 75% of insurers overlook fleets' readiness to share valuable telematics data.
The commercial auto insurance landscape is facing an inflection point. While fleets rapidly embrace telematics technology and generate unprecedented amounts of driving data, a surprising disconnect persists between insurers that desperately need this information and fleet operators that possess it.
According to SambaSafety's 2024 Telematics Report, this gap represents the industry's greatest challenge and its most significant opportunity.
Perception Versus Reality
One of the report's more notable findings reveals a fundamental misunderstanding that's stalling progress: 75% of commercial insurers believe convincing fleets to share telematics data is their biggest hurdle, while 74% of fleets that don't share data say it's simply because they were never asked. This communication breakdown prevents meaningful partnerships from forming.
The issue becomes even odder when considering fleet readiness. Currently, 80% of fleet respondents monitor a large portion of their vehicles, and satisfaction scores average four out of five for their telematics providers. These fleets aren't resistant to technology—they're already deeply invested in it. What's missing is the bridge between their data and insurers' analytical capabilities.
Arissa Dimond is lead Copywriter of insurance at SambaSafety, a provider of cloud-based risk management solutions for over 15,000 organizations with automotive mobility exposure.
Claims
Kentucky DOI defines valuation guides for auto insurance claims, hearings set | Repairer Driven News
[Ed. Note: This is far from over! Lobbyists are descending on Frankfort, KY because what happens there may not stay there.
The Kentucky Department of Insurance (DOI) Commissioner Sharon Clark filed an emergency administrative regulation last week defining Kelley Blue Book and J.D. Power as the valuation guides, or tools, that property and casualty insurers should use when determining the retail value of a wrecked, destroyed, or damaged vehicle.
Senate Bill 136, passed in March, required the DOI to promulgate an emergency administrative regulation defining the nationally accepted used car valuation tools that insurance companies should use to value a vehicle.
The regulation went into effect July 1. Yet, the DOI will hold two public hearings on the regulation in the coming months. The two public hearings will be held at 9 a.m. on August 25 and 9 a.m. Sept. 23, at 500 Metro St. in Frankfort, Kentucky.
Autonomous Driving/Insurance
Bold Move: BYD Takes Car-Crash Liability for Level‑4 Parking
China’s BYD has pledged to assume full legal and financial responsibility for any accidents involving its new Level‑4 autonomous parking system, marking a decisive shift in automaker liability practices.
The commitment, limited to parking scenarios using its “God’s Eye” system, allows drivers to bypass insurance claims entirely: damages will be handled directly through BYD after-sales services.
BYD’s announcement follows confirmation that its God’s Eye system has reached Level‑4 autonomy in smart parking settings, enabling vehicles to handle parking tasks fully independently under defined conditions. Drivers can remove their hands, eyes and minds from the process during use. By assuming liability—a first for Level‑4 parking technology—the company reflects strong confidence in its product, citing its extensive smart‑vehicle cloud infrastructure, the largest R&D team in the sector, and over one million vehicles now equipped.
Unlike traditional insurance frameworks where drivers often face premium hikes after an accident, BYD’s approach aims to protect users from financial penalty: repairs, third‑party property damage and personal injury compensation incurred through algorithm malfunctions or sensor errors will be covered by the automaker. Legal liability will be determined by whether the system was at fault, not by the vehicle owner. This hands‑off model emphasizes convenience, trust and reduced risk for customers.
Webinars/Podcasts/Interviews
Can Technology Prevent Disasters Like the Texas Floods?
Previsico’s Jonathan Jackson discusses how precision flood forecasting offers insurers new tools for risk mitigation, claims reduction, and customer protection.
In early July 2025, Central Texas endures a catastrophe so sudden and violent that it shocks seasoned meteorologists and emergency managers alike. Over just a few days, remnants of Tropical Storm Barry unleash torrential rains across the Hill Country, dropping as much as 20 inches of water and causing the Guadalupe River to surge more than 20 feet in under an hour.
The floods claim at least 121 lives statewide. Kerr County alone loses 96 people—many of them children swept from summer camps or riverside cabins—while entire structures vanish in minutes. More than 170 are reported missing in the immediate aftermath. Despite some advance warnings, the tragedy exposes deep gaps in how floods are predicted and communicated, making it the deadliest inland flood the United States has seen in nearly half a century.
It’s against this sobering backdrop that Insurance Innovation Reporter speaks with Jonathan Jackson, CEO of Previsico (Loughborough, Leicestershire, U.K.), a U.K.-based flood technology vendor whose solutions are increasingly being explored by insurers as climate-driven flood risk escalates.
Anthony O'Donnell, Executive Editor, Insurance Innovation Reporter
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