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Contractor Fraud Risks Escalate After Tornadoes and Severe Storms Strike Illinois
www.insurancemarketandnews.com Illinois homeowners and business owners recovering from weeks of destructive weather are being urged to stay alert for contractor fraud as cleanup and rebuilding efforts accelerate across the state. The National Insurance Crime Bureau (NICB) says scammers often target disaster-hit communities by offering immediate repair services while attempting to exploit people facing urgent property…
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New York Unveils Landmark Reform to Expand Medical Access for Injured Workers
www.insurancemarketandnews.com New York is moving to broaden access to medical treatment for injured employees through a major overhaul of its workers’ compensation provider authorization system. Under legislation included in the state’s FY 2026-27 budget, eligible licensed healthcare professionals in good standing will be permitted to treat workers’ compensation patients without obtaining separate authorization from the…
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Tennessee Enacts Broad Workers’ Compensation Reforms as New Laws Take Effect
www.insurancemarketandnews.com Tennessee has introduced a series of legislative changes that reshape several aspects of its workers’ compensation system, with most provisions taking effect on July 1, 2026. The package, approved during the 2026 session of the 114th General Assembly, updates benefit limits, streamlines administrative procedures, expands protections for certain workers, and introduces new claim-related measures.…
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Washington State Raises Workers’ Compensation Penalties to Reflect Inflation
www.insurancemarketandnews.com Businesses, self-insured employers and other participants in Washington State’s workers’ compensation system will face higher financial penalties for violations beginning July 1, 2026, following an inflation-based adjustment required under state law. The revised penalties represent a 12.11% increase over current amounts and mark the second scheduled update since lawmakers approved the legislation in 2020.…
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U.S. Property/Casualty Insurers Post Best Results in Ten Years, Fueled by Pricing Discipline and Tech Gains
www.insurancemarketandnews.com The U.S. property/casualty insurance sector wrapped up 2025 with its strongest financial performance in a decade, as sustained rate increases and sharper underwriting practices reversed years of losses, according to a new AM Best special report released July 13. The report, titled “2025 P/C Snapshot: Strongest Performance in a Decade Showcases Resilience,” found that…
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Contractor Insurance Loss Exposures: Understanding the Risks and Insurance Protection Contractors Need
Contractors deal with risk long before a claim or accident occurs. Every project brings together employees, subcontractors, tools, vehicles, materials, property, contracts, and customers. When something goes wrong, the financial consequences can range from replacing a stolen tool to defending a major lawsuit or dealing with the failure of a construction project. These potential sources…
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Economic Uncertainty Weighs on Single-Family Home Construction Nationwide
www.insurancemarketandnews.com Single-family home construction lost momentum nationwide during the opening months of 2026 as elevated borrowing costs, rising material expenses and broader economic uncertainty continued to weigh on residential development activity. New findings from the National Association of Home Builders show that single-family building permits weakened across all geographic regions during the first quarter, signaling…
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U.S. Producer Prices Record Strongest Annual Gain Since 2022 Amid Energy-Led Cost Surge
www.insurancemarketandnews.com Wholesale inflation remained elevated in May as higher energy costs pushed producer prices to their fastest annual pace in more than three years, according to data released by the U.S. Bureau of Labor Statistics. The Producer Price Index (PPI) for final demand increased 1.1% in May on a seasonally adjusted basis, matching April’s gain.…
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U.S. Economy Contracts 0.5% in First Quarter While Corporate Profits Decline
www.insurancemarketandnews.com The U.S. economy moved into negative territory during the opening quarter of 2026, as stronger imports and softer government spending outweighed gains in consumer and business activity, according to the Bureau of Economic Analysis’ second estimate of gross domestic product. Real gross domestic product (GDP), which measures the value of goods and services produced…
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HUD Proposal Aims to Expand Manufactured Housing Options and Boost Home Supply
www.insurancemarketandnews.com The U.S. Department of Housing and Urban Development (HUD) has proposed regulatory changes that could broaden the use of manufactured housing and help address persistent housing supply shortages across the country. Under the proposal, HUD would eliminate a long-standing requirement mandating a permanent chassis for certain multi-story manufactured homes. Federal officials believe the change…