Five Carriers Got Breached. They Wouldn't Insure Themselves
Over the past year ransomware group Scattered Spider breached five major insurers—Beacon Mutual, Farmers, Erie, Philadelphia Insurance Companies, and Aflac—by exploiting help‑desk social engineering, incomplete multi‑factor authentication, and weak endpoint monitoring. Those same control failures are now non‑negotiable requirements in cyber‑insurance underwriting. Courts have already voided policies that lack robust MFA, and the forthcoming CISA 72‑hour incident‑reporting rule adds regulatory pressure. Meanwhile, AI‑driven tools can discover and weaponize zero‑day flaws within hours, compressing the window for remediation and raising stakes for carrier cyber defenses.
When the Insurer Becomes the Insured
Tariffs on auto parts, steel and aluminum are inflating loss costs for U.S. personal auto insurers, prompting carriers like Acuity to file double‑digit rate increases while rivals such as State Farm and USAA pursue cuts. Evercore ISI notes that personal...
Chubb Is Excluding the Risk Its Own CEO Says AI Will Solve
Carriers are formally excluding generative AI liabilities from commercial general liability policies, with Verisk/ISO endorsements taking effect on January 1, 2026. At least six major insurers, including WR Berkley, AIG and Great American, have filed AI exclusion endorsements with state...
Chubb's CEO Just Challenged the Entire MGA Model
In its March 17 shareholder letter, Chubb CEO Evan Greenberg labeled managing general agents (MGAs) a "bad bet" and unveiled a four‑year plan to automate roughly 85% of underwriting and claims. The initiative includes cutting about 8,600 positions and targeting...
Chubb Just Told the MGA Market What It Really Thinks
Chubb Chairman and CEO Evan Greenberg told investors that managing general agents (MGAs) are “a bad bet in the majority of cases,” warning that the delegated‑authority model often inflates costs without delivering underwriting value. He also announced that AI will...
Government Is Now a Reinsurer. Adjust Your Competitive Model
The U.S. International Development Finance Corporation launched a $20 billion government‑backed maritime reinsurance facility with Chubb to restore shipping coverage in the Persian Gulf after private insurers withdrew. In Louisiana, the insurance commissioner approved Allstate auto rate cuts ranging from 2.9 %...
Your Blended Combined Ratio Is Lying to You
The CIAB Q4 2025 survey shows the first large‑commercial premium decline since 2017, with nine lines down 2.1% overall. Commercial auto’s 6.6% growth is now the sole driver of a seemingly healthy blended combined ratio, while property, GL, and workers’ comp...
Agencies Want AI Governance. No Carrier Has Shown Up
Independent insurance agencies are rapidly embracing artificial intelligence, with two‑thirds planning to increase usage over the next year. Yet only 13% have a formal AI governance policy, and 55% lack any written guidance. No major carrier has introduced a dedicated...
Most Agencies Use AI. Almost None Govern It.
Zurich posted record P&C earnings, prompting surplus capital to chase specialty growth through acquisitions rather than organic expansion, while an extended Beazley takeover deadline adds pressure on the market. In the personal lines space, roughly one‑third of independent agencies still...
AI Quoting Hits Retail. Specialty Gains Leverage
The episode examines the February 2026 selloff in U.S. insurance broker stocks, triggered by the launch of AI quoting tools from Insurify and Tuio on ChatGPT. While the market panicked, assuming AI would disintermediate all broker services, the discussion highlights...
Insurance Is Now Pricing Politics
In 2025 U.S. property and casualty insurers are hitting profitability peaks with combined ratios in the high‑80s, yet long‑tail casualty severity is rising sharply, especially in homeowners and bodily‑injury lines. The industry faces mounting political pressure on pricing, illustrated by...
Peak Profits, Structural Risk Shifts
The episode reviews 2025’s record earnings for property‑and‑casualty insurers, noting that profitability has become a political and strategic lever rather than a pure financial metric. It highlights how secondary perils like Winter Storm Fern are shifting from reinsured losses to...
