January 29, 2024
Via: Reinsurance News62% of US insurers have said that they are willing to take more investment risk in 2024, even with concerns rising in regards to election year politics, fiscal/monetary policy, persistent inflation and volatility, according to a recent survey sponsored by […]
January 25, 2024
Via: Artemis BMWhile reporting a strong January 1st 2024 reinsurance renewals, at which it grew its premiums written by 38%, pure-play Bermuda reinsurer Conduit Re has also highlighted some signs of the moderating market environment in US property risks, particularly in excess-of-loss […]
January 17, 2024
Via: Reinsurance NewsIn an exclusive interview with China Daily, Joachim Wenning, Munich Re’s Chair of the board of management, said that the reinsurance giant currently books an annual premium income of approximately $2.19 billion in China, but expects this to rise in […]
January 17, 2024
Via: Reinsurance NewsThe global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss […]
January 16, 2024
Via: Insurance JournalA new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.” “Our forecast calls for 5% to 15% rate increases for non-catastrophe property […]
January 11, 2024
Via: Insurance JournalU.S. venture capital firm Andreessen Horowitz has backed London-based insurance startup Hyperexponential in a $73 million funding round, the insurance software company said on Thursday. Founded in 2017, Hyperexponential provides insurance companies with mathematical modeling software, allowing them to price […]
January 11, 2024
Via: Reinsurance NewsThe US Property and Casualty (P&C) insurance industry is poised for a robust year in 2024, as indicated by a recent report from the Swiss Re Institute. The industry enters the new year with strong momentum, following a period where […]
January 10, 2024
Via: Insurance JournalShares in UK insurers fell on Wednesday, with traders pointing to an article in the Insurance Post that quoted the Financial Conduct Authority’s Head of Insurance Matt Brewis as saying premium finance was a “poor product”. At 1258 GMT, Direct […]
January 10, 2024
Via: Insurance JournalLess than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance commissioner posted a bulletin Tuesday, noting that […]
January 9, 2024
Via: Artemis BMInsured catastrophe losses in Canada reached CAN $3.1 billion for full-year 2023, putting the costly year as the fourth most expensive for the insurance industry on record, according to CatIQ. Unlike the top three loss years, no single large event […]
January 8, 2024
Via: Reinsurance NewsAccording to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year. By coverage […]
December 29, 2023
Via: Reinsurance NewsGlobal renewal rates for property catastrophe reinsurance saw a wide range of outcomes at the January 1st 2024 renewals, with non-loss affected accounts largely flattish, but loss impacted seeing increases of up to 30%, according to Guy Carpenter. The reinsurance […]
December 29, 2023
Via: Reinsurance NewsReflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Losses of $133 […]
December 28, 2023
Via: Reinsurance NewsStorm ZOLTAN is expected to result in insured property damage totalling €200 million, bringing insured losses from natural hazards for 2023 in Germany to almost €4 billion, according to Onnen Siems, Managing Director of actuarial consultancy firm Meyerthole Siems Kohlruss […]
December 20, 2023
Via: Repairer Driven NewsThe inflationary rate of auto insurance climbed by 19.2% from November 2022 to November 2023, continuing to be above the total inflation rate of 3.1%, and contributed 0.5 percentage points to the rate, according to the latest Consumer Price Index […]
December 20, 2023
Via: Repairer Driven NewsNearly all of Washington small businesses experienced health premium hikes throughout the past year and are expecting an additional 9% increase next year, according to a new survey. The Small Business for America’s Future (SBAF) survey of 1,015 small business […]
December 19, 2023
Via: Reinsurance NewsInsurance giant Allianz has returned to the catastrophe bond market for the first time in over a decade with a new deal which will provide it with a multi-year risk transfer capacity of €250 million to protect against European windstorms. […]
December 18, 2023
Via: Artemis BMThe enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management […]
December 15, 2023
Via: Insurance BusinessAllstate has secured regulatory approval to increase auto insurance rates in California, New York, and New Jersey. CFO Jess Marten said the insurer will be implementing rate increases of 30%, 14.6%, and 20% in the respective states beginning December, with […]
December 15, 2023
Via: Reinsurance NewsHelios Underwriting PLC, the Lloyd’s investment vehicle, has upped its capacity for 2024 to £501 million, as the company takes advantage of new syndicate opportunities. This 2024 capacity represents a 61% increase from 2023, where total capacity stood at £310 […]