Month: February 2021

February 11, 2021

Wyoming has the cheapest car insurance in the country, according to a new study from WalletHub. WalletHub’s study looked at the states with the cheapest and most expensive car insurance. It also examined Americans’ opinions on driving, car ownership, and […]

February 11, 2021

Primary insurer Cincinnati Financial improved its property casualty combined ratio to 87.3% in the fourth quarter of 2020, despite incurring higher than average catastrophe losses. The combined ratio improved by 4.3 points from 91.6% in Q4 2019, while underwriting profit […]

February 10, 2021

A bill filed in Texas would require business interruption insurance policies to cover losses from a pandemic. Under SB 249, filed by Sen. Charles Schwertner, business interruption insurance would be required to “cover loss caused by a pandemic, including loss […]

February 9, 2021

US insurers are increasing sales of annuities and other capital-intensive assets as interest from private equity buyers spikes. Companies like Sixth Street Partners and KKR & Co have spent billions of dollars over the last year to snap up insurance […]

February 9, 2021

The catastrophe bond market saw robust activity last year as new sponsors and tightening retrocessional reinsurance capacity helped buoy the sector, and the trend is expected to continue. Both the 2020 top line issuance of $11 billion of property cat […]

February 8, 2021

With consumers staying at home more than ever thanks to pandemic restrictions, USAA has responded by reducing homeowners’ and renters’ insurance rates in three states. The insurer is lowering homeowners’ insurance rates in Ohio and Wisconsin by as much as […]

February 8, 2021

Insurance and reinsurance marketplace Lloyd’s of London has announced the launch of Futureset, a new platform and community designed to drive greater societal and economic resilience to some of the largest and most complex global risks. The platform will bring […]

February 5, 2021

Things are not looking good with Allstate, which has posted its worst auto insurance customer retention numbers in two decades. In 2020, the company’s auto policy renewals were 87.5%, down from 88% in 2019. It was Allstate’s worst policy renewal […]

February 4, 2021

Another quarter brings another round of price increases for global commercial insurance. This time, prices jumped by 22% in Q4 of 2020, according to Marsh’s “Global Insurance Market Index.” The latest increase is the largest since the index was launched […]

February 4, 2021

Hannover Re gave its report on the January 2021 reinsurance renewals today, citing around 10% price improvement across U.S. natural catastrophe reinsurance business, while across its book renewed business was subject to price increases of 5.5% and premium volumes rose […]

February 3, 2021

Commercial property insurer FM Global has announced the appointment of Alberto Diaz (pictured) as senior broker relations manager for EMEA. Diaz previously served as director and vice president of AFM, Frankfurt, FM Global’s middle-market division. He was appointed to that […]

February 3, 2021

Global re/insurer Chubb has reported a 2020 fourth quarter net income of $2.42 billion, up from $1.17 billion in the prior year quarter. Meanwhile, core operating income was $1.44 billion versus $1.04 billion prior year. Q4 pre-tax catastrophe losses were […]

February 2, 2021

Catastrophe losses covered by insurance and reinsurance reached $78 billion in 2020 according to Willis Re, which the broker sees as 17% above the 10-year average. The reinsurance broking arm of Willis Towers Watson (WTW) notes that the figure could […]

February 2, 2021

In our original first alert about COVID-19 business interruption insurance coverage that we authored at the pandemic’s outset, we predicted extreme rigidness by insurance companies and coverage denials galore. Regrettably for policyholders, our prediction came true, with myriad insurance coverage […]

February 1, 2021

American International Group Inc. agreed on Monday to pay a $12 million civil fine to settle charges it conducted life insurance business in New York without a license. The settlement is the second to result from an investigation by the […]

February 1, 2021

A number of insurance-linked securities (ILS) funds have continued to report small increases in losses and reserves set related to business interruption claims from the Covid-19 pandemic, we understand, which continued to weigh on results over the last two months. […]