Month: October 2021

October 29, 2021

Hilde Vernaillen, the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF), has suggested that the ICMIF’s partnership work with the United Nations Office for Disaster Risk Reduction (UNDRR) has the potential to bring about “real systemic change” in […]

October 29, 2021

Credit insurer Coface has reported a net income of €190.9 million for the first nine months of 2021, a 264.2% increase from the $52.4 million achieved in the prior year period. A net loss ratio of 25.4% for 9M represents […]

October 28, 2021

Bermuda-based AXIS Capital Holdings Limited has reported net income of $47 million for the third quarter of 2021, despite its re/insurance operations falling to an underwriting loss in the period. AXIS has returned to profit in both the third quarter […]

October 28, 2021

A boutique hotel in New York City is suing its insurers over a denied insurance claim for over $1 million in property damage – damage that the hotel claims was caused by the homeless families it had sheltered for three […]

October 27, 2021

The injured party in an automobile collision cannot double-dip on insurance coverage simply because she calls the payment from the other driver’s policy “punitive damages,” a Georgia appeals court has decided. “The mere fact that Nay’s limited release included a […]

October 27, 2021

Saudi Arabia-based regional insurer the Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) has issued a prospectus for a planned 50% capital increase. The company plans to increase its capital to one billion and fifty million (1,050,000,000) Saudi riyals from […]

October 26, 2021

Reinsurers’ plans to continue raising premium rates during the January 2022 renewals are likely to contribute to stronger profitability and an improving sector outlook, according to Fitch Ratings. Fitch said it expects double-digit percentage premium rate rises for property catastrophe […]

October 26, 2021

Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance broker Marsh. While this is the […]

October 25, 2021

Property and casualty insurance holding company UPC has announced estimated pre-tax catastrophe losses incurred for the third quarter of 2021 of approximately $37 million; roughly $29 million after tax. This compares to the original third-quarter 2021 pre-tax catastrophe loss estimate […]

October 25, 2021

Despite hearing warnings of more rate hikes and more red ink from property insurers in coming months, Florida lawmakers may little appetite for further, significant changes to the state’s insurance laws. Instead, the Legislature, which convenes Jan. 11, may wait […]

October 22, 2021

Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has expanded its global network to 170 countries worldwide. This encompasses owned offices and network partners that can provide BHSI customers with locally admitted […]

October 22, 2021

Munich Re-owned specialty insurer HSB has acquired a digital cybersecurity platform from cybersecurity firm Zeguro, including a suite of management tools and services designed for small businesses. The addition of Zeguro’s cyber safety solution and key personnel is expected to […]

October 21, 2021

Reinsurance broker Guy Carpenter has reported a 15% rise in underlying revenue to $314 million for the third quarter of 2021, as its parent Marsh McLennan delivered impressive year-on-year growth. Buoyed by revenue growth across the business, global insurance and […]

October 21, 2021

As much as $1.5 trillion of pension fund and private capital could be unlocked to cover climate related risks and perils according to broking group Howden, which is calling on the risk transfer industry to “change insurance for (social) good.” […]

October 20, 2021

The net profitability gap between Bermuda and non-Bermuda incorporated companies may narrow over time given the expected passage of the OECD-driven multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings. The rating agency warns that […]

October 19, 2021

KBW analysts’ forecast for the third quarter results season are generally below consensus for the carriers and slightly above consensus for the brokers. Carrier estimate’s have been primarily driven by higher catastrophe losses, while broker’s are anticipated to achieve faster […]

October 19, 2021

As part of its effort to reduce its ballooning exposure level and trim the number of policyholders, Florida’s insurer of last resort will increase its property inspections by almost 70-fold over the next four years — with plans to spend […]

October 19, 2021

Time may be gold, but a Washington man might be getting more than he bargained for after he was charged for filing a false insurance claim over a luxury Rolex timepiece he claimed was “lost”. Christopher Michalke of Seattle, WA […]

October 18, 2021

As part of a new report on cybersecurity risks, analysts at Fitch Ratings have noted that ransomware in particular is becoming a “growing concern” for the re/insurance industry. The rating agency said cybersecurity is arguably reaching an “acute phase,” following […]

October 18, 2021

Automotive company Tesla is now offering a new insurance product for its customers in Texas – the state where CEO Elon Musk says his company will be moving its headquarters to from California. The new insurance product, available only in […]