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Category: Financial


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. […]


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 […]


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 […]


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 […]


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 […]


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 […]


Financial, Risk Management

Liability insurance in mass tort bankruptcy cases – A brief primer

January 12, 2023

Via: JD Supra

Chapter 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 […]


Financial, Risk Management

Insured Damages in Canada From Hurricane Fiona Now Top C$800M

January 6, 2023

Via: Insurance Journal

Insured 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 […]


Financial, Risk Management

US life insurer investment portfolios to withstand market volatility: Fitch

January 5, 2023

Via: Reinsurance News

Analysts 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

Reinsurance renewals – market now “one of the hardest in memory”

January 4, 2023

Via: Insurance Business

The 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

Significant increase in weather-related cat losses over last 20 years: CRESTA

January 3, 2023

Via: Reinsurance News

CRESTA, 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 […]


Financial, Risk Management

New $18.48m Isosceles deal takes 2022 private cat bond issuance to $738m

December 30, 2022

Via: Artemis BM

Isosceles 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. […]


Financial, Risk Management

No Time to Celebrate Soft Market but Commercial Insurance Rates Stabilizing: WTW

December 29, 2022

Via: Insurance Journal

With 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 […]


Financial, Risk Management

US winter storm likely to drive multi-billion re/insured loss

December 28, 2022

Via: Reinsurance News

Global 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,” […]


Financial, Risk Management

Large global reinsurers’ capitalisation remains strong as earnings recover: Fitch

December 21, 2022

Via: Reinsurance News

In 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 […]