Author: completebodyneeds

Declarations

By L.S. Howard Global commercial insurance rates dropped by 6%, on average, in the second quarter of 2026, following a 5% decline in Q1 2026, according to Marsh’s latest Global Insurance Market Index (GIMI). Property rates declined by 12% in the second quarter, while casualty rates increased 2%, driven largely by ongoing claims severity and litigation pressures in the U.S. (Editor’s note: Marsh’s Global Insurance Market Index skews toward larger account business.) Marsh said that Q2 2026 marks the eighth consecutive quarter of rate decreases, fueled by abundant capacity, strong insurer profitability, a surplus of capital, favorable reinsurance conditions, and…

He almost became a doctor. But he decided at the last minute to buy an insurance agency in south Florida. A half-century later, Tom Lynch, the semi-retired chairman emeritus of Plastridge Insurance agency, sat down with Insurance Journal and reflected on the ups and downs of the state’s property-casualty insurance market, changes at agencies, and his advice for others in the business. IJ: You’ve certainly seen a lot of shifts in the Florida insurance market through the years. What’s the biggest change you’ve seen in your career? The biggest change that everyone is worried about now is AI (artificial intelligence).…

By Ezra Amacher State Farm Mutual Auto will soon begin issuing $136 million in dividends to Louisiana drivers. The carrier informed the Louisiana Department of Insurance that eligible customers will receive an email between early August and early September asking them to select a payment method. Dividends apply to customers who had a State Farm private passenger auto voluntary preferred policy in force as of Dec. 31, 2025. Customers who don’t have an email address on file will receive a check in the mail. Customers with more than one vehicle insured by State Farm may receive more than one dividend…

By Gavin Maguire For years, wildfire season was largely viewed as a threat to homes, forests and utility infrastructure in the American West. But as smoke from fires blankets large swaths of the country, it is becoming something else too: a power-sector challenge. That’s because the U.S. grid is changing. Solar generation is now the country’s fastest-growing electricity source, transmission networks need to move more power over longer distances, and grid operators need accurate weather forecasts to balance supply and demand. Wildfire smoke interferes with all three. While smoke is unlikely to derail America’s renewable-energy expansion, it is emerging as…

California workers’ compensation premium growth leveled off as rates stabilize, but rising cumulative trauma claims continue to drive claim frequency higher, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California released its 2026 State of the System report. The report examins premium levels, claim activity, system costs and market conditions. Average charged rates reached the lowest level in more than 50 years in 2025 but are plateauing, according to the report. In 2025, advisory pure premium rates increased for the first time in a decade, with a further 6.6% increase approved effective September 1, 2026, the WCIRB…

I have been doing a fair amount of work regarding the expansion of MGAs, particularly the new kind of MGAs, which have much in common with some reciprocals, risk retention groups, and captives. Then I read an AM Best article that covered Evan Greenberg’s (Chubb’s CEO) thoughts on MGAs. He stated that he thinks MGAs are being severely overused. In his report to shareholders, the Best article quoted the following: “As agents, they don’t retain underwriting risk. Instead, for a commission, they bind others–insurers, reinsurers, hedge funds, private equity–to risk gathered from retail and wholesale brokers who generally do business…

By Mark Anderson Formula 1 parent company Liberty Media, which also promotes the Las Vegas Grand Prix, has agreed to a settlement of about $3 million to end a class-action lawsuit brought by spectators regarding the inaugural 2023 race. The opening-night practice session on Nov. 16, 2023, was halted after nine minutes when Carlos Sainz Jr. drove over a water valve cover that severely damaged his Ferrari. Practice didn’t resume until the early morning hours of Nov. 17, ending at about 4 a.m. local time. Fans were removed from the viewing areas before the 90-minute session took place. Those who…

Safety Insurance Group Inc., a property/casualty insurer in Massachusetts and New England, has agreed to be acquired by Spain’s Mapfre S.A. in an all-cash transaction valued at approximately $1.54 billion. Under the terms of the agreement, a subsidiary of Mapfre U.S.A. Corp. will merge with and into Safety, following which Safety will become a wholly-owned subsidiary of Mapfre U.S.A. Corp. and thus a sister company to Mapfre U.S.A. Corp’s other U.S. subsidiaries. Following completion of the transaction, Boston-based Safety will continue operating under its established brand and with its independent agency relationships. The announcement comes after a few years of…

Tyson Foods Inc. is closing more beef plants as a prolonged cattle shortage continues to force the US beefpacking industry’s restructuring. The country’s largest meatpacker said it would cease operations at an Illinois beef plant and a Utah case-ready facility, while also pursuing the sale of another beef plant in Washington. The moves are the latest in a wave of closures, as beef processors try to trim capacity in line with the size of the smaller US cattle herd. Production at the affected facilities will be absorbed by other plants, and Tyson now plans to anchor its beef operation around…