February 3, 2023
Via: Insurance JournalGlobal 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, […]
February 2, 2023
Via: Insurance JournalAs 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. […]
January 31, 2023
Via: Artemis BMStone 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 […]
Brokers, Financial, Risk Management
January 27, 2023
Via: Reinsurance NewsGlobal 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 26, 2023
Via: Insurance JournalEconomic 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 24, 2023
Via: Reinsurance NewsDespite 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 19, 2023
Via: Insurance JournalThe 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
Via: Insurance JournalThe 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 17, 2023
Via: Insurance JournalBritain’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 […]
January 13, 2023
Via: Insurance JournalPennsylvania 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 […]
January 12, 2023
Via: Artemis BMGerman 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 […]
January 12, 2023
Via: JD SupraChapter 11 bankruptcy as a means for resolving mass tort claims In recent years, a growing number of defendants have sought to use reorganization under chapter 11 of the United States Bankruptcy Code to obtain permanent and complete relief from […]
January 6, 2023
Via: Insurance JournalInsured damages from Hurricane Fiona are now estimated at over C$800 million (US$591.2 million), according to the Insurance Bureau of Canada (IBC), quoting the Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane Fiona remains the most costly extreme weather event ever […]
January 5, 2023
Via: Reinsurance NewsAnalysts at Fitch Ratings have stated that rising rates have been largely favourable for US life insurer investment portfolios, driving higher investment income as reinvestment rates exceed book yields. The rising rates have played a large role in helping to […]
Financial, Geo-Political, Risk Management
January 4, 2023
Via: Insurance BusinessThe geopolitical and macroeconomic shocks of the past year have led to a highly challenged and complex January 1 renewal period, according to global broking group Howden. In its renewal report titled The Great Realignment, Howden noted how high inflation, […]
Financial, Geo-Political, Risk Management
January 3, 2023
Via: Reinsurance NewsCRESTA, the re/insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released its Q4 update of the CRESTA Industry Loss Index (CLIX), highlighting a significant rise in weather-related catastrophe losses over the […]
December 30, 2022
Via: Artemis BMIsosceles Insurance Ltd., the Bermuda-domiciled private insurance-linked securities (ILS) and catastrophe bond platform operated by Marsh McLennan and reinsurance broker Guy Carpenter, has completed another private cat bond note issuance, with an $18.48 million Isosceles Insurance Ltd. (Series 2022-H) deal. […]
December 29, 2022
Via: Insurance JournalWith last year’s 25% rate hikes for public directors and officers liability insurance dropping to 2.5%, and 150% hikes for cyber cover sinking to 25%, significant softening is forecast for some casualty lines in 2023. Those reduced price hikes are […]
December 28, 2022
Via: Reinsurance NewsGlobal insurers and reinsurers look set to incur costs stretching into the multi-billion-dollar range from the ongoing winter storm and severe cold weather impacting the United States and Canada. The storm, which has been labelled the “blizzard of the century,” […]
December 21, 2022
Via: Reinsurance NewsIn its December review, Fitch Ratings has suggested that the large global reinsurers peer group’s capitalisation remains strong and that earnings have recovered. Insurers in this peer group include Hannover Re, Lloyd’s, Munich Re, PartnerRe, SCOR, and Swiss Re. According […]