Risk Management
Regulatory / Legal, Risk Management, Trends
September 22, 2023
Via: Insurance BusinessCalifornia insurance commissioner Ricardo Lara has unveiled a package of reforms that aims to alleviate the state’s troubled insurance market, including changes to the FAIR Plan and a deal with insurers that allows more people to transition back to the […]
September 20, 2023
Via: Artemis BMIn finalising the insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, catastrophe loss data aggregator PERILS AG has lowered the total to JPY 125.9 billion, while also saying that its data […]
September 20, 2023
Via: Insurance JournalHome insurance costs that have soared in much of the US may get even higher. Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according […]
September 18, 2023
Via: Insurance BusinessIllinois homeowners are facing skyrocketing property insurance premiums rivaling those of wildfire and hurricane-prone regions. Conversations about America’s property insurance crisis are typically focused on states that are frequently subjected to extreme weather events like California and Florida, but Illinois […]
Financial, Regulatory / Legal, Risk Management
September 15, 2023
Via: Insurance BusinessInsurance reforms under consideration in the Michigan legislature could significantly increase costs for consumers, according to a new study from the American Property Casualty Insurance Association (APCIA). Proposed changes in House Bill 4681 and Senate Bill 329 introduce 35 new […]
September 14, 2023
Via: Insurance BusinessFitch Ratings has revised its global reinsurance sector outlook from ‘neutral’ to ‘improving’, a move the credit rating agency said reflects the market’s strengthening financial performance into 2024. At a reinsurance briefing during the RVS conference in Monte Carlo, senior […]
September 13, 2023
Via: Insurance BusinessLockton Re has released a new report addressing a pressing issue in cyber insurance: blending distinct first and third-party risks with systemic risks. In its new report titled “The All Risk Cyber (ARC) Challenge: An Evaluation for Simplifying Cyber Reinsurance,” […]
September 13, 2023
Via: Insurance BusinessData collected from carriers participating in a recent WTW survey reveals an overall increase of 6.1% in commercial lines insurance prices. This represents a slight uptick from the previous quarter (Q1’23), which recorded a 5.6% increase. In its latest survey, […]
September 12, 2023
Via: Insurance BusinessStronger profitability will enable the non-life insurance industry to increase capital and capacity to match growing demand as risks evolve, according to a new study by Swiss Re Institute. The non-life insurance sector is swiftly adapting to a new era […]
September 12, 2023
Via: Reinsurance NewsAfrican Risk Capacity Limited (ARC Ltd), Africa’s pioneering sovereign parametric development insurer, has announced a groundbreaking achievement with a record total payout of US$60 million in 2022. This milestone marks the largest payout since the company’s establishment in 2014, underscoring […]
September 12, 2023
Via: Reinsurance NewsDuring Swiss Re’s press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re’s Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat […]
September 11, 2023
Via: Insurance JournalReinsurers are hoping the profitability party will last as reinsurance pricing and structural changes to tighten terms and conditions have increased returns to above the cost of capital for the first time in a decade. As with previous market cycles, […]
September 11, 2023
Via: Reinsurance NewsAsia’s reinsurers continue to experience hard market conditions in 2023, offsetting the impact of inflation-induced rising claims, climate change and financial market volatility, according to Fitch Ratings. These comments stem from the rating agency’s most recent report regarding the outlook […]
September 8, 2023
Via: Insurance JournalHong Kong’s heaviest rainstorm since records began in 1884 flooded the financial hub’s streets and sent torrents of water rushing through subway stations, bringing much of the city to a standstill and forcing the stock market to scrap trading on […]
September 8, 2023
Via: Insurance JournalReinsurance rates are likely to continue to rise in 2024, though at a slower pace than in 2023, and prices will start to fall in 2025, Fitch Ratings analyst Robert Mazzuoli told Reuters on Thursday. Reinsurers – who insure insurers […]
Financial, Risk Management, Trends
September 7, 2023
Via: Insurance JournalGrowing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd’s of London Chief Executive Officer John Neal said. Rising inflation, recession worries, climate threats and geopolitical tensions are making […]
September 7, 2023
Via: Repairer Driven NewsNow that virtual and photo-estimating have become commonplace in insurance claims processes, collision repairers likely are aware of the challenges it can potentially cause — undervalued vehicles, undervalued damage, extended length of keys to keys, et cetera. But have you […]
September 6, 2023
Via: Insurance BusinessAmong the highlights of S&P Global Ratings’ briefing into where the global reinsurance sector stands in 2023, it was highlighted that the sector is stabilising as ‘green shoots emerge in underwriting’. Amid ‘much-needed’ structural changes in reinsurance underwriting, S&P has […]
September 6, 2023
Via: Reinsurance NewsIn a recent market analysis, AM Best’s report reveals that the insurance-linked securities (ILS) market is experiencing favourable conditions, resulting in advantageous terms and conditions for renewed and new programs. This has led to a significant surge in yields for […]
September 5, 2023
Via: Reinsurance NewsAccording to Moody’s most recent Reinsurance Buyer Survey, an increasing number of insurers expect to purchase less coverage for 2024 due to higher costs, which will in turn force them to retain even more risk, making their results more volatile. […]