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Trends and Insights: Commercial Auto

The commercial auto insurance line has struggled to achieve underwriting profitability for years, even before the inflationary conditions that have been affecting property/casualty lines more recently. This trend has been accompanied by steady growth in net written premiums.

Cyber Insurance: State of the Risk

(As of February 6, 2024)

Cyber insurance: a key part of a robust business strategy

What is cyber insurance, and why is it important?

Cyber insurance is a policy that covers expenses and responsibilities arising from cyberattacks or computer incidents. As this coverage can help with financial and legal costs that stem from cyber incidents, maintaining it can be a savvy strategy to protect business assets and brand reputation.

Workers Compensation: State of the Risk

Workers Compensation

The workers compensation insurance industry experienced its second best underwriting result in the past twenty years in 2023 with a net combined ratio of 87. It was the ninth year in a row of net underwriting profit following eight years of a net combined ratio over 100, or ten of the previous eleven years. In comparison, workers comp has outperformed the combined property and casualty insurance industry in net combined ratio each year since 2015.

(As of February 11, 2025)

Consumer indifference is still a challenge for personal cyber insurers

Only about one in 10 connected Americans say they have insurance to help them recover from a cyberattack. And close to half do not know whether they have this protection, according to the Insurance Information Institute and J.D. Power 2020 Consumer Cyber Insurance and Security Spotlight Survey℠. Because of consumer confusion about their current cyber coverage, and the persistent idea that consumers are unwilling to pay more, insurers are faced with a challenge.

 

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Smaller doesn’t mean safer

Small businesses are increasingly concerned about cyberrisk, but the Insurance Information Institute and J.D. Power 2019 Small-Business Cyber Insurance and Security Spotlight SurveySM  finds many still are reluctant to insure against it. Based on a survey of more than 500 small business leaders, insurers, and insurance service providers, this paper addresses their continued hesitation and discusses cyber-related loss trends and how firms and their insurers are addressing these perils.

 

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A World Without TRIA: Incalculable Risk

The Terrorism Risk Insurance Act (TRIA) and its successors have been an important support to efforts to supply terrorism insurance through the private market. Since the program was enacted, the percentage of companies purchasing terrorism insurance has risen to 80 percent, and the price of coverage has fallen more than 80 percent.

 

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Haze of confusion

The spread of marijuana legalization continues apace. More than 30 states and the District of Columbia now have programs that allow qualifying patients to access medical marijuana products. Another 13 states permit non-intoxicating medical products. Eleven states and D.C. permit recreational marijuana, where adults over the age of 21 can possess and use the drug.

 

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Spotlight on: e-scooters and insurance

Dockless electric scooter (“e-scooter”) sharing programs continue to grow in number, popularity and value. The companies that operate these programs report that millions of rides have been taken in cities across the United States. One such company, Lime, was reportedly valued at $2 billion as of January 31, 2019.

But this explosive growth of e-scooter programs has raised several concerns, including:

Small business, big risk: Lack of cyber insurance is a serious threat

Cyber incidents hit one of every 10 U.S. small businesses last year yet only 31 percent of them have cyber insurance, according to the Insurance Information Institute (I.I.I.) and J.D. Power 2018 Commercial Cyber Insurance and Security Spotlight Survey℠. Ten percent of the small businesses surveyed had one or more cyber incidents in 2017, resulting in a typical loss of $188,400, an increase of $73,000 from the year before, according to the J.D. Power 2016 Cyber Insurance Pulse Study℠.

 

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