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P&C Report: 2025 Forecast
KEY TAKEAWAYS: The January wildfires in southern California affected areas not typically prone to such risks, making the situation particularly alarming for insurers and residents alike. Despite challenges, the Excess & Surplus (E&S) market is expected to continue growing, although at a slower pace when compared to recent years. As we move into 2025, small businesses may see modest
Homeowner Sues Real Estate Brokerage Over ‘Fraudulent’ Practices
A Florida homeowner is suing real estate brokerage eXp Realty and several of its executives, alleging the company allowed an agent to act as contractors on properties they represent, violating company policy. Filed in federal court in Miami, the lawsuit accuses eXp of fraud, conspiracy, and negligence, claiming over $700,000 in damages. According to HousingWire, eXp has called the claims
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A Florida homeowner is blaming their homeowners association (HOA) for hurricane damage, claiming that a dry retention pond located behind the home worsened flooding during the storm, creating a “lake” in the homeowner’s backyard. The owner claims the pond was overgrown and poorly maintained and inquired about whether the HOA could be held liable for the storm damage, The Cool…
As experts tally losses from the record-breaking 2024 Atlantic hurricane season, which brought a total of 18 named storms and the earliest Category 5 hurricane to date, some estimates suggest that its total damages and economic losses could reach $500 billion. The unprecedented season included five hurricanes that made U.S. landfall, with estimated losses between $25.5 billion and $68.5 billion,…
A potential La Niña event could soon bring wetter weather to parts of the northern U.S. and Canada, the Associated Press recently reported, which goes hand-in-hand with risks for potentially dangerous and costly slip-and-fall incidents. The National Oceanic and Atmospheric Administration’s Climate Prediction Center indicated that there was a 60% chance that a weak La Niña…
A glow-in-the-dark sweatshirt sold on Temu was recently recalled after the report of a child suffering serious burn injuries from the garment. The item, sold on the discount online marketplace on behalf of Sunshine Towels, carries a risk of \"serious burn injuries if exposed to heat or a flame source,\" according to the recall notice, issued by Product Safety Australia,…
A pair of ruby slippers worn by Judy Garland in The Wizard of Oz recently became the most valuable movie memorabilia ever sold at auction, fetching $32.5 million in the Heritage Auctions sale that closed Dec. 7. The iconic shoes were sold alongside the hat worn by the Wicked Witch in the 1939 film; the hat sold for $2.9 million,…
A catering company in Missouri is facing at least four lawsuits after an E. coli outbreak sickened more than 100 individuals, including multiple students from schools in St. Louis County. The outbreak was initially linked to five different events catered by the company between Nov. 6-9, including two school band events, two funerals and a veterans’ event, KSDK-TV reported. [lgc_column…
Other Recent Intel
Consider this scenario: following a hailstorm that damaged their roof, a homeowner faced a repair bill totaling $17,000. Assuming their Homeowners’ Insurance policy would cover the entire cost of the repairs, they were surprised that the settlement schedule—which is determined by factors such as the type, age, and condition of the roof—only covered about half of the total expenses. This…
Amid a soft but stable market, Andy Wood, Vice President, National Professional Liability Practice Leader, Burns & Wilcox, Chicago, IL, shares insights from the Eye on 2025 P&C Webinar on balancing growth, underwriting discipline, and why price isn’t the only factor in Professional Liability insurance. https://vimeo.com/1047143462/e6da62e385?share=copy For additional E&S intel, watch the full webinar recording here.
From liquor-driven Hospitality risks to shifting trends in Habitational and Construction, Bryant Steele, Regional Vice President, Upper Midwest, Burns & Wilcox, Chicago, IL, shares key insights on navigating the hardening Casualty market in this Eye on 2025 P&C Webinar segment. https://vimeo.com/1047143645/a655831012?ts=0&share=copy For additional E&S intel, watch the full webinar recording.
As California endures the heartbreaking devastation caused by recent wildfires, Bill Gatewood, Corporate Senior Vice President, National Personal Insurance Practice Leader, Burns & Wilcox, Detroit/Farmington Hills, MI, shares insights regarding how these unprecedented events are affecting homeowners and transforming the insurance landscape. https://vimeo.com/1047142547/30645e240d?ts=0&share=copy For additional intel into the E&S market, watch the full Eye on 2025 P&C Webinar recording…
Personal Liability Insurance can help protect individuals from financial losses when they are found liable for causing injury or property damage to others, whether they are renters, high-value homeowners or mid-range property owners. Personal Insurance solutions also cover cherished items like jewelry, recreational vehicles, private collections, or other property coverage. To learn more, we spoke with Kate Wright, Associate Vice…
The wildfires in Southern California have deeply affected countless individuals, underscoring the devastating consequences of severe weather conditions. Our thoughts are with those impacted and the first responders working tirelessly to safeguard lives and communities. In our regularly scheduled Eye on 2025: Property and Casualty (P&C) webinar, our expert panel expressed their support for those affected by the wildfires and…
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