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Category: Risk Management

Risk Management


Financial, Risk Management

Global Commercial Insurance Rates Rise 4% in Q4, Continuing Moderating Trend: Marsh

February 3, 2023

Via: Insurance Journal

Global commercial insurance prices increased 4% in the fourth quarter of 2022, down from a 6% increase in Q3 and a 9% increase in Q2, which is a continuation of a trend of moderating increases that began in Q1 2021, […]


Financial, Risk Management

Allstate Reports $310M Q4 Loss as Auto Claims Costs Motor Past Rate Hikes

February 2, 2023

Via: Insurance Journal

As it had warned last month, Allstate Corp. reported a fourth quarter 2022 loss of $310 million as losses from auto insurance outpaced an increase in revenue. Results were in comparison to net income of $790 million for Q4 2021. […]


Risk Management, Trends

US property cat reinsurance rates-on-line up 30.1% at January renewals: Guy Carpenter

February 2, 2023

Via: Reinsurance News

The Guy Carpenter U.S. Property Catastrophe Rate on Line Index increased by a significant 30.1% at the January 2023 reinsurance renewals, taking rates to an all-time high, according to the latest data from the global reinsurance broker. Guy Carpenter, which […]


Risk Management, Trends

High inflation & spikes in interest rates cause challenging renewal season: Aon

January 31, 2023

Via: Reinsurance News

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 […]


Financial, Risk Management

Stone Ridge launches blockchain & digital asset risk MGA, Proof Insurance

January 31, 2023

Via: Artemis BM

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 […]


Risk Management, Trends

S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023

January 30, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

California floods unlikely to be huge loss for re/insurers: J.P. Morgan

January 30, 2023

Via: Reinsurance News

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 […]


Brokers, Financial, Risk Management

AJ Gallagher’s brokerage & risk management units post 16% organic revenue growth in Q4

January 27, 2023

Via: Reinsurance News

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 […]


Financial, Risk Management

Global Insured Losses From Natural Disasters Topped $130B in 2022 in 5th Costliest Year

January 26, 2023

Via: Insurance Journal

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 […]


Risk Management, Trends

Allstate, GEICO, State Farm… where are customers going amid increased auto insurance shopping?

January 25, 2023

Via: Insurance Business

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 – […]


Cyber Risks, Risk Management

Hannover Re Transfers Cyber Risks to Capital Markets via Proportional Reinsurance

January 24, 2023

Via: Insurance Journal

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 […]


Financial, Risk Management

Bermuda re/insurers to see improved pricing & performance in 2023: Fitch

January 24, 2023

Via: Reinsurance News

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 […]


Financial, Risk Management

Kansas Insurance Dept. Recovers $7.6M for Policyholders

January 19, 2023

Via: Insurance Journal

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 […]


Financial, Risk Management

TWIA to Determine Probable Maximum Loss for 2023 Storm Funding

January 19, 2023

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

UK-based flood insurer to launch in US

January 18, 2023

Via: Insurance Business

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 […]


Financial, Risk Management

Bank of England Worried New Insurance Capital Rules Could Risk Policyholder Bailout

January 17, 2023

Via: Insurance Journal

Britain’s proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday. Late […]


Risk Management, Trends

Swiss Re’s Mumenthaler encouraged by net zero path as dynamics shift: WEF 2023

January 17, 2023

Via: Reinsurance News

As the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders, which now includes 127 “seriously committed” executives from some of the world’s largest companies, continues to make progress, Christian Mumenthaler, CEO of reinsurance giant Swiss Re, is seeing the […]


Financial, Risk Management

Pennsylvania Raises Auto Insurance Accident Surcharge Threshold Again

January 13, 2023

Via: Insurance Journal

Pennsylvania auto insurers will not be able to surcharge private passenger policyholders with claims unless their aggregate claim cost over a three-year period exceeds $2,100. This new threshold is effective in July and is up from the current $1,900. Insurers […]


Financial, Risk Management

Hannover Re vehicle Seaside Re issued $32.5m of private catastrophe bonds

January 12, 2023

Via: Artemis BM

German reinsurance giant Hannover Re has brought the first private catastrophe bonds that we’ve learned of in 2023, with three Seaside Re cat bond lites totalling $32.5 million of risk capital issued, the latest, use of its Kaith Re transformer […]


Cyber Risks, Regulatory / Legal, Risk Management

Ohio Supreme Court Holds that Insurance Policy Does Not Cover Ransomware Attack on Software

January 12, 2023

Via: JD Supra

In a unanimous decision, the Ohio Supreme Court found that appellee EMOI Services, LLC’s (“EMOI”) businessowners insurance policy does not cover losses resulting from a ransomware attack on EMOI’s computer software systems. EMOI, a computer software company, was the target […]