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Personal injury law firm Morgan & Morgan ranks in top ten radio advertisers, nationally

Spot intelligence data provider, Media Monitors, has reported that Morgan & Morgan, a prominent personal injury law firm, ranked among the top ten radio advertisers nationally in the week ending January 28. The company recorded 26,753 instances of Morgan & Morgan radio advertisements during that week.

Kempton Takes the Helm of Nationwide's Personal Lines Business

Casey Kempton has been chosen as the new leader of Nationwide's personal lines property business, according to an announcement made by Mark Berven, Nationwide P&C President and Chief Operating Officer. Kempton's appointment comes as she brings a strong track record of success in both personal lines and commercial lines.Berven highlighted Kempton's exceptional qualifications, stating, "Casey stood out in particular thanks to her strong track record of performance excellence, deep experience in using data insights and technology to fuel growth and innovation, and her...

Celebrate Black History Month through music with H.E.R.

Black Americans have played a significant role in shaping the music industry, leaving an indelible mark on various genres such as country, jazz, and hip-hop. Their contributions continue to resonate with music lovers around the world. As we commemorate Black History Month, Grammy-award winning artist and Nationwide spokesperson H.E.R. is taking the initiative to educate and inspire through the power of music. H.E.R. will be sharing captivating Black music facts on Nationwide's social media channels, providing a platform for individuals to discover interesting insights and...

Report finds car insurance premiums rose by 5% nationwide in 2023

The Zebra, a digital platform that facilitates comparison of insurance policies, has reported a nationwide increase in car insurance premiums by an average of 5% in 2023. Authored by insurance analyst Ava Lynch, The Zebra's report suggests that insurance rates can surge even if a driver maintains a clean record devoid of accidents and violations.

Cigna Medicare sale clears path for future acquisitions

The Cigna Group has announced its plan to sell its Medicare business, a move that industry analysts believe will position the managed care insurer for future acquisitions. The divestiture, in which Cigna will sell its Medicare businesses to Health Care Service Corp. for approximately $3.7 billion, comes at a challenging time for Medicare Advantage as insurers face growing medical costs associated with the plans due to delayed care caused by the COVID-19 pandemic.According to S&P Global Ratings analyst Francesca Mannarino, Cigna's Medicare segment lacked the necessary...

Insurance Information Institute Highlights Accomplishments in 2023 Annual Report

The Insurance Information Institute (Triple-I) has released its 2023 Annual Report, showcasing the organization's achievements in a year marked by a record number of weather and climate disasters in the United States. These disasters resulted in at least $1 billion in damages.In his Annual Report letter, Triple-I CEO Sean Kevelighan emphasized the significance of climate risks and the insurance industry's response to them. He stated, "Triple-I is making clear how U.S. insurers and reinsurers have long been seeing the impacts of increased climate risk and are promoting a...

The Challenges and Opportunities in the Cyber Insurance Market

The cyber insurance market is facing significant challenges due to the rapidly evolving information security landscape. In a recent episode of Next in Tech, analysts Thomas Mason, Dan Kennedy, and Scott Crawford discussed the complexities surrounding cyber insurance and the technologies associated with it.Insurers have traditionally played a crucial role in managing risk for businesses. However, the rise of cyberattacks, such as ransomware, has brought about a new kind of existential risk that has forced insurers to reevaluate their strategies. Thomas Mason, one of the...

Texas Clears Significant Homeowners Rate Increases in Q4 2023

Texas regulators have approved several significant homeowners' insurance rate increases in the fourth quarter of 2023, making it one of the most impactful states in terms of rate hikes in the United States. According to an analysis by S&P Global Market Intelligence, Texas regulators cleared 46 rate increases during the quarter, with 10 of them ranking among the most substantial in the country.One of the most significant rate hikes was granted to State Farm General Insurance Co. by California state regulators. The company's overall rate was increased by 20%, resulting in a...

Commercial Lines Outperform Personal, Though Underwriting Losses Persist: Triple-I/Milliman Report

The property/casualty industry continues to face challenges in underwriting losses, according to the latest report from the Insurance Information Institute (Triple-I) and Milliman. The 2023 net combined ratio for the industry is forecast to be 103.9, with commercial lines performing better than personal lines. Commercial lines have a net combined ratio of 97.7, while personal lines have a ratio of 109.9.The main driver of the adverse results is the record levels of severe convective storm losses. Despite this, the industry is experiencing growth, with a forecasted net...

Protective Insurance Rebrands as Progressive Fleet & Specialty Programs

Progressive Insurance, the leading commercial auto insurer in the U.S., has announced a rebranding for its large fleet commercial line coverage. Formerly known as Protective Insurance, it will now be called Progressive Fleet & Specialty Programs (Progressive Fleet). This name change reflects the integration of businesses and highlights Progressive's expanded expertise in large fleet transportation and niche insurance programs for the transportation and delivery industries.Karen Bailo, Progressive's Commercial Lines President, stated, "This announcement was part of our...

Highway Heroes at Risk: Study Examines Characteristics of Fatal Roadside Worker Crashes

A new study conducted by the AAA Foundation for Traffic Safety sheds light on the alarming dangers faced by roadside assistance providers who risk their lives daily to help others. The study reveals that the number of fatal crashes involving these workers may be significantly higher than previously reported.According to the study, 123 roadside assistance providers were killed by passing vehicles between 2015 and 2021, a figure that dwarfs the approximate 34 noted in national crash data. This discrepancy is attributed to the failure of state police crash report forms to...

Illinois auto insurance providers raised rates by more than $1.25 billion in 2023

The Illinois Public Interest Research Group (PIRG) revealed on Jan. 18 that the ten largest car insurance providers, by market share in Illinois, increased rates by a total of more than $1.25 billion last year. The year 2023 marked the second consecutive year that rate increases exceeded $1 billion in Illinois.

Humana's Stock Plunges Amid Increased Medicare Advantage Utilization

Humana Inc. experienced a significant drop in stock value following the release of its fourth-quarter 2023 results, which revealed higher-than-anticipated costs associated with Medicare Advantage. Medicare Advantage refers to expanded versions of government-subsidized health plans aimed at seniors. The increased utilization of services led to elevated medical loss ratios, impacting managed care insurers throughout 2023.Humana's earnings call on January 25 highlighted the unexpected rise in Medicare Advantage medical costs, which reached 91.4%, surpassing the 89% estimate...

CME Group and DTCC introduce improved treasury cross-margining for clearing members' capital efficiency

CME Group has unveiled an advanced cross-margining arrangement with the Depository Trust & Clearing Corporation (DTCC), a move that is set to unlock capital efficiencies for clearing members involved in U.S. Treasury securities and CME Group Interest Rate futures trading. The new development is now live, extending these efficiencies to market participants.

NWSL Players Gain Professional Development Experience with Nationwide

A group of National Women's Soccer League (NWSL) players recently took part in a unique professional development program offered by Nationwide, the insurance and financial services company. Dorian Bailey, Shea Groom, Savannah Madden, Addisyn Merrick, and Cassie Miller spent two weeks at Nationwide's corporate headquarters in Columbus, Ohio, as part of the program called "Experience Nationwide."During their time at Nationwide, the players had the opportunity to learn about various aspects of the company's business. They interacted with leaders and associates from...

US Insurtech Market Shows Signs of Recovery

The US insurance technology, or insurtech, market is showing signs of recovery in 2024. Industry consolidation is well underway, and companies that have managed to weather the storm are making progress on their expense reduction plans. Public market investors are also showing renewed interest in growth stocks, leading to a rebound in insurtech stock prices.According to a report by S&P Global Market Intelligence, insurtech stocks have performed well in 2023, with a market-cap weighted index of these companies up 22.2% compared to a decline of 54.0% in 2022. This recovery...

Taxpayer Advocate: 'All Americans are paying for mass tort lawsuits'

David Williams, the president of the Taxpayers Protection Alliance (TPA), a non-profit organization that provides analysis on the government's impact on the economy, has expressed concerns over mass tort litigation. In an opinion piece for the Washington Examiner, Williams noted that while such lawsuits can enrich lawyers, they ultimately cost the public money. He also pointed out that these lawsuits are increasingly being funded by third-party investors.

Setting a well-being vision for the year with good intentions

The new year is a time for fresh starts and setting intentions for personal growth and well-being. According to Tina Thornton, a registered nurse and associate vice president of wellbeing and safety at Nationwide, creating a well-being vision involves thinking about who you want to be in the new year and setting intentions that are personal and meaningful to you.To begin, Thornton advises recording your vision by writing it down. This helps to solidify your ideas and give them more weight. By putting your vision on paper, it becomes a concrete goal rather than a vague...

Nationwide's Medical Stop Loss Team Celebrates Two Decades of Protecting Businesses

Nationwide's Medical Stop Loss (MSL) team is commemorating over 20 years of providing crucial protection to businesses with self-funded healthcare plans. As healthcare costs continue to rise in the United States, employers are exploring alternative methods to manage expenses. Self-funding health plans have emerged as a cost-effective solution, but they also carry the risk of businesses being liable for significant medical costs should their employees experience serious illnesses or catastrophic claims.Medical stop loss insurance serves as a safeguard for businesses,...

Citi and LuminArx Capital unveil strategic lending vehicle cinergy

Citi has recently revealed that LuminArx Capital is introducing Cinergy, a strategic financing vehicle designed to cater to the burgeoning private lending market. The initiative will offer private credit solutions to companies, extending its services to include Citi's global client base.