Chad Hemenway News has covered the insurance sector for more than 15 years. He presently holds the positions of managing editor at Advisen News and national news editor at the Insurance Journal. He has written about natural disasters, modeling, regulation, legislation, and litigation, in addition to trends and coverage in the majority of insurance categories.
Additionally, he has received multiple honors for his perceptive and educational writings.
You ought to keep up with Chad Hemenway’s news if you’re interested in learning about the most recent advancements and insights in the insurance industry. We’ll highlight some of the subjects and tales he’s lately written about in this blog post, along with the reasons they’re pertinent and significant to both consumers and insurance professionals.
Chad Hemenway News Get Better but Still Shows a Net Loss
In February 2024, Chad Hemenway’s news covered several topics, including the financial standing of Insurtech Root Inc., a business that provides customized auto insurance based on driving habits. Hemenway reports that Root Inc. reported a $147.4 million net loss for the year 2023 and a $24 million net loss for the fourth quarter of 2023. These outcomes were nevertheless an improvement above net losses of roughly $58.3 million for the fourth quarter of 2022 and $282.4 million for 2021.
Chad Hemenway News also reported that Root Inc. boosted its client base by 36% to reach 328,000 policies in force in 2023 and increased its direct written premiums by 37% to reach $605 million. In addition, the corporation decreased its spending ratio from 165% in 2022 to 121% in 20231 and added renters insurance to its list of products.
Because It illustrates the difficulties and possibilities that insurtech businesses encounter in the cutthroat and tightly regulated insurance sector, this narrative is pertinent to both customers and insurance professionals. It also shows how data and technology may be leveraged to provide clients with more inexpensive and customized insurance options.
Australia is composing more intimate E&S, but CEO Greenberg is not fond of the trend.
In February 2024, Chad Hemenway also reported on Australia’s trend toward writing more personal excess and surplus lines business, as well as Chubb CEO Evan Greenberg’s thoughts on the matter. Hemenway claims that Chubb is writing more business for personal excess and surplus insurance in North America, but Greenberg is not pleased with this development. He stated that this tendency is not long-term profitable or sustainable and is being driven by the standard market’s inadequate pricing and underwriting discipline.
According to Hemenway
Greenberg also berated the standard market for responding too slowly and leniently to social inflation, lawsuit funding, and the number and intensity of natural disasters that are on the rise. He declared that Chubb will not sacrifice its underwriting standards or profitability in exchange for market share and that the standard market must modify its rates and terms to reflect the genuine risk and cost of doing business.
Because it illustrates the various approaches and viewpoints that insurers have in adapting to the complex and ever-changing insurance landscape, this narrative is pertinent to both consumers and insurance professionals. It also emphasizes how critical it is for the insurance industry to continue to uphold pricing parity and underwriting rigor.
Conclusion
To sum up, Chad Hemenway News is a reputable and skilled writer who provides in-depth and perceptive coverage of the insurance sector. He has written about a wide range of subjects and tales that are pertinent to the insurance industry and the general public, including the operations of insurtech firms, the development of personal excess and surplus lines business, and the downturn in agency mergers and acquisitions. It is recommended that you follow Chad Hemenway’s news if you want to be current and educated about the insurance industry.
FAQ
The following are some of the most common queries concerning Chad Hemenway News:
How can I stay up to date with Chad Hemenway’s news?
The most recent articles and archives written by Chad Hemenway can be found on his author sites at Insurance Journal and Advisen Ltd. Additionally, you may follow him on Twitter, where he shares his thoughts and news.
What honors has Chad Hemenway received in the past for his journalism?
Several accolades have been bestowed upon Chad Hemenway for his journalism, including Best News Coverage (2013) for covering Superstorm Sandy and a Jesse H. Neal Award for Best Single Article (2014) for covering the insurance implications of traumatic brain injuries.
What sources and authorities does Chad Hemenway consult while reporting on news stories?
A variety of sources and experts, including studies and statistics from industry groups, rating agencies, and consulting firms, as well as remarks and interviews with lawyers, analysts, regulators, and insurance executives, are consulted by Chad Hemenway for his reporting. In addition, he provides analysis and commentary on the insurance sector based on his knowledge and experience.
