While auto insurance leaders reported premium growth percentages in the single digits last year, with sprinters like Progressive and Root up in the low-to-mid teens, premiums at Tesla’s insurance operations skyrocketed 40.7%, according to a new analysis. S&P Global Market Intelligence reported total direct premiums across Tesla’s insurance business topped $1 billion last year, coming in at nearly $1.4 billion, compared to $970.8 million in 2024. But while Tesla’s premiums soared—particularly in California, where a whopping 585% jump brought the state’s premiums to $725 million, compared to just over $100 million in 2024—loss ratios for one of the Tesla insurers,…
Author: Awais
New York State is providing financial assistance to a captive insurer and taking other steps to advance this form of self-insurance as part of an effort to lower insurance costs for operators of affordable housing. The state has made a $2 million loan to Milford Street Association, an organization with an insurance captive that is owned and operated by members of the state’s affordable housing industry. The loan is from Empire State Development (ESD) to the Milford Street Association Insurance Co. Milford Street plans to use the $2 million to cover a portion of the initial capital contribution cost for…
AXA XL announced the creation of a new Business Unit dedicated to prevention. The new unit, led by Global Chief Underwriting Officer Libby Benet, will accelerate the development and reach of AXA XL’s risk consulting capabilities and prevention services. The Business Unit will combine advanced data, analytics and technology with AXA XL’s risk engineering and advisory expertise to deliver innovative solutions to help businesses address today’s most pressing risks, including climate, supply chain disruption, cyber threats and operational resilience. AXA’s 2025 Future Risks Report highlights prevention as a critical strategy for the future, with 86% of experts agreeing that the…
After assisting the Asian Development Bank (ADB) in the issuance of its first catastrophe bond offerings, Michael Roth of Munich Re has highlighted how the transactions are an important proof of the reinsurer’s Capital Partners Public Sector objectives.We reported in late April, that the Asian Development Bank’s (ADB) first catastrophe bonds had been priced in the market, securing a $160 million capital market-backed source of parametric earthquake and extreme precipitation disaster risk financing, evenly split $80 million each across issuances for beneficiaries the Kyrgyz Republic and Tajikistan. This marked a significant initial advancement in the catastrophe bond market for the ADB and…
It’s a mystery on the streets of New York City. What traffic law violator with unpaid fines is driving a black Pontiac Trans Am that looks like the car with the talking computer from the 1980s TV series “Knight Rider,” and even has the same license plate? Officials at an Illinois museum are among the people who would like to know. The Volo Museum near Chicago, which has a replica of the show’s Trans Am that hasn’t moved from its exhibit in years, recently received a $50 traffic ticket from the Big Apple, alleging its car was doing 36 mph…
California Attorney General Rob Bonta is looking into what he says are reports of misleading ticketing practices for the 2026 FIFA World Cup that are potential violations of California law. Bonta sent a letter to FIFA raising concerns about ticketing practices asking for information. California consumer protections laws include prohibitions on marketing practices that are likely to mislead them. Recent reports raised concerns that FIFA sold tickets based on seating categories displayed on stadium maps and later altered those seating categorizations before assigning precise seat locations. The 2026 FIFA World Cup is scheduled to begin on June 11 and feature…
Only 33% of physicians surveyed by the American Medical Association said they believed voluntary pledges made by major insurers last year to reform prior authorization would result in any meaningful difference to the industry.
A pair of South Florida wildfires that torched thousands of acres in the Everglades over the weekend spread Monday as fire crews worked to contain them. The Florida Forest Service posted on Facebook that the growing fires were producing smoky conditions with reduced visibility, but containment operations were increasing. No serious injuries or property damage has been reported. The larger of the two fires has spread to about 5,600 acres (2,300 hectares) with 30% containment in the undeveloped area southwest of Fort Lauderdale, officials said. The National Guard is assisting state and local firefighters. Fire rescue crews were also fighting…
Workers at Denver airport missed a security breach by a man who scaled a perimeter fence and crossed a runway where he was hit and killed in a fiery collision by a plane with 231 people on board, authorities said Tuesday. The runway fatality underscores the longstanding challenge of keeping intruders out of major airports. Denver International Airport sprawls across 53 square miles—twice the size of Manhattan—on open prairie northeast of the city center. The 41-year-old trespasser triggered an alarm as he crossed into the airport in a remote area about 2 miles from the terminal late Friday night. But…
Editorial Note This analysis, originally published on June 17, 2025, was updated to note that changes to the final legislation that became law reduced the number of low-income Medicare beneficiaries who would be affected. CBO did not provide a detailed analysis of the impact, but based on available information the number is likely somewhat lower. On May 22, the House passed a reconciliation bill, the One Big Beautiful Bill Act, which would partially pay to extend expiring tax cuts by cutting Medicaid. The Congressional Budget Office (CBO) estimates that the bill would reduce federal Medicaid spending by $793 billion over…
AM Best has downgraded the credit ratings of Massachusetts-based workers’ compensation carrier Arrow Mutual Liability Insurance Co. The ratings firm downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” (Good) from “a-” (Excellent). AM Best revised the outlook of these credit ratings to stable from negative. AM Best said the rating downgrades reflect Arrow’s “persistent underwriting and operating losses, which have not demonstrated sustained improvement as the company has generated an underwriting gain in only one of the past 10 years.” Although Arrow reported favorable results in 2024, those results…
Indiana-headquartered Shepherd Insurance, ranked as one of the largest groups of independent agencies, has acquired Arnold Insurance in southwest Florida, the company announced. The partnership will keep the Arnold team in place while giving access to Shepherd’s broader carrier relationships and resources. Kyle Arnold is owner of the agency in Port Charlotte, near Fort Myers. The agency was founded in 2014. Shepherd, founded in 1977, now has seven Florida agency offices and 45 offices in six states, writing commercial and personal insurance, and offering employee benefits. Quinn Shepherd is CEO. Topics Mergers & Acquisitions Florida Was this article valuable? Yes…
Oklahoma Governor Kevin Stitt this week signed a bill that gives the insurance department the authority to review insurance rate changes before they can go into effect. Under House Bill 3781, all rates in competitive markets shall be filed 30 days before their effective date, along with supplementary information providing support for the rate change. For non-competitive markets, insurers must provide rate filings 60 days before implementation. The legislation, takes effect July 1, 2027, moves Oklahoma from a use-and-file system to a file-and-wait system. The new law allows the insurance commissioner to review filings and request actuarial data when rates…
According to broker Aon, underwriting discipline remains intact despite the softening global re/insurance property market, as firms continue to prioritise risk selection and technical pricing, driven by heightened concerns regarding climate-driven natural catastrophes, secondary perils, and evolving geopolitical risks.At the same time, the broker also outlined that despite the softer market conditions, insureds continue to demonstrate a strong interest in alternative risk transfer solutions. In its recently published Q1 2026 Global Insurance Market Overview, Aon detailed how an influx of capacity and heightened competition are driving price reductions across most geographies, with several markets, including large-account U.S. property, experiencing double-digit…