Month: January 2023

January 31, 2023

Aon’s January Reinsurance Market Dynamics report: Macro Conditions: Extreme Volatility, cites 2022 as being tricky for the industry, with inflation hitting multi-decade highs, as well as interest rates rising to an almost “unprecedented pace”. The report also noted that equities […]

January 31, 2023

AXA XL Reinsurance has appointed Dan Bryan as Head of Asia, Reinsurance, effective February 1st. Previously, Bryan held the role of Head of Treaty Underwriting for Asia. In this new role, he will continue to work with AXA XL Reinsurance’s […]

January 31, 2023

Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance and insurance-linked securities (ILS), has launched Proof Insurance Solutions, a managing general agent (MGA) with a focus on underwriting risks from the blockchain […]

January 30, 2023

A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a […]

January 30, 2023

As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk […]

January 30, 2023

A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme […]

January 27, 2023

Global insurance and reinsurance broker, Arthur J. Gallagher & Co., has reported adjusted net earnings of $367.9 million for the fourth quarter of 2022 within its brokerage operations, which alongside higher earnings in its risk management segment, more than offset […]

January 27, 2023

Howden CAP, part of Howden Broking, and AXA XL have announced they will collaborate to develop structured credit Application Programming Interfaces (APIs). This development, a Howden spokesperson said, reflects Howden CAP and AXA XL’s commitment to utilise digital platforms to […]

January 26, 2023

Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private insurance entities, which translates into […]

January 25, 2023

J.D. Power has published the latest edition of its auto insurance quarterly shopping trends report, and found that in the fourth quarter of 2022, there was actually a noticeable increase in auto insurance shopping activity in America. The report – […]

January 24, 2023

Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone Ridge is supporting the transfer with […]

January 24, 2023

Despite heightened catastrophe losses and economic uncertainty, Fitch Ratings expects improved underwriting performances for Bermuda re/insurers in 2023, driven mainly by accelerating premium rates, alongside a market reset in pricing, terms and conditions. The rating agency states that the underwriting […]

January 23, 2023

Recognizing the instability of Louisiana’s property insurance market, Governor John Bel Edwards has called for legislators to convene a special session to address the issue. Edwards’ call comes after State Insurance Commissioner Jim Donelon appeared before the Joint Legislative Committee […]

January 23, 2023

North American travelers were plagued by extraordinary travel disruptions over the recent holiday season, compounded by a “once in a generation” winter storm that struck the US. Thousands of flights were disrupted by the megastorm in late December, while a […]

January 20, 2023

The National Insurance Crime Bureau (NICB), together with the Coalition Against Insurance Fraud and the International Association of Special Investigation Units, has sent a joint letter to YouTube requesting the social media platform to take down all videos that provide […]

January 20, 2023

National insurance program manager Distinguished Programs has announced a new partnership with SiriusPoint to expand into environmental, construction pollution and professional insurance. As part of the multi-year program agreement, SiriusPoint’s environmental team, led by Doug Stepenosky, will move to Distinguished […]

January 19, 2023

The Kansas Insurance Department announced it has recovered more than $7.6 million for Kansans in 2022, the largest single-year recovery in department history. Funds considered “recovered” are calculated when department staff assists individuals in need of support during their insurance […]

January 19, 2023

The Texas Windstorm Insurance Association (TWIA) Board is meeting Thursday, Jan. 19 to determine funding for probable maximum loss (PML) for the 2023 storm season. TWIA is statutorily required to purchase enough reinsurance to meet the 1:100 year PML. Last […]

January 18, 2023

Acrisure, which operates a global insurance broker, has acquired Affinity Brokers Limited, a commercial insurance broker based in Glasgow, Scotland. Founded in 2010 by Scott Meechan and Yvonne McKnight, Affinity has a specialty in jewellery and jewellers block. The business […]

January 18, 2023

Parametric flood insurance company FloodFlash has announced that it has entered the US insurance market. The UK-based company said it is the first insurance provider to pay catastrophic flood claims in as little as four hours. In the wake of […]