Category: Financial

October 27, 2023

Global broker Aon’s Reinsurance Solutions arm achieved organic revenue growth of 11% in the third quarter of 2023, as revenue across the group increased by 10%, year-on-year, to $2.95 billion, reflecting organic revenue growth of 6%. This growth in organic […]

October 25, 2023

RLI Insurance recorded losses of $66 million from the Maui wildfires in the third quarter of 2023, but while this was a severe event and unusual for the company, it’s not expected to have a major impact on the firm’s […]

October 24, 2023

The California Earthquake Authority (CEA) increased its overall risk transfer and reinsurance protection through the middle of the year, lifting the program to almost $8.86 billion in size, with its catastrophe bonds making up a steady 24% of the total. […]

October 20, 2023

Across the first nine months of 2023 analysis from insurance and reinsurance broker Aon suggests there have already been 32 billion dollar insured catastrophe loss events, setting a new record, while severe convective storms (SCS) had driven over $60 billion […]

October 19, 2023

Florida’s insurance market has managed to see an upturn after years of struggling with profitability. This is according to Mark Friedlander of the Insurance Information Institute (Triple-I), who pointed to figures from the state’s insurance regulator. “According to data from […]

October 19, 2023

Large Dutch insurers have achieved solid results in the first half of 2023; they have managed to compensate the effect of high inflation in core insurance lines through price increases and achieved broadly stable underwriting results, Fitch Ratings reports. The […]

October 18, 2023

Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the […]

October 18, 2023

Natural catastrophe losses covered by public and private insurance or reinsurance have already reached US $93 billion by the end of September, putting 2023 on-track to be another year with over US $100 billion of insured catastrophe losses, Gallagher Re […]

October 13, 2023

Canadian property and casualty insurer Intact Financial Corporation has estimated total losses from catastrophe events in the third quarter of 2023 of approximately CAD 611 million, on a pre-tax basis and net of reinsurance. The figure is up on the […]

October 13, 2023

In a strategic move to fortify its financial position and mitigate the impact of ongoing challenges stemming from its US casualty exposure, Swiss Re is poised to strengthen its casualty reserves by an estimated $2.1 billion in the years 2023-2024, […]

October 12, 2023

The U.S. title insurance industry saw its volume of net premium written decline by 16.1% in 2022, to approximately $20.9 billion, following a decade of growth during which this level had more than doubled, according to a new AM Best […]

October 12, 2023

The insurance-linked securities (ILS) market currently represents one of the most attractive markets in which to invest since the ILS market came into being, according to Doug Abbott, Head of UK Intermediary at Schroders. Abbot places insurance-linked securities (ILS), such […]

October 11, 2023

State laws adopted in 2022 and 2023 may have stemmed excessive claims litigation in Florida, helping to stabilize the distressed property insurance market and slow rate increases. But premiums, which have doubled for some homeowners in recent years, are unlikely […]

October 11, 2023

Persistent inflation and natural catastrophes are causing a more volatile insurance market, but there is some good news for insurance companies on the investment side. Insurance companies will be looking to offset underwriting losses with investment portfolios and make the […]

October 11, 2023

The California Earthquake Authority (CEA) has now secured its new Ursa Re Ltd. (Series 2023-2) earthquake catastrophe bond at the upper-end of the targeted size, securing itself $230 million in collateralized earthquake reinsurance from the issuance, while the notes priced […]

October 6, 2023

Based on new J.D. Power research findings, P&C independent insurance agents are increasingly frustrated with rising carrier premiums and, instead of telling their clients first, they’re shopping for better rates ahead of policy renewals. Not only could the impact be […]

October 5, 2023

In the latest edition of Plane Talking, re/insurance broker Gallagher noted that as the aviation reinsurance and retrocession markets approach the final quarter of 2023, they continue to grapple with a range of complex challenges and evolving market dynamics. In […]

October 4, 2023

The U.S. commercial auto insurance segment faced a substantial setback in 2022, with underwriting losses skyrocketing to $3.3 billion, as revealed by a recent report from AM Best. This downturn came on the heels of nearly breakeven results in the […]

October 3, 2023

Private equity investments by US insurance companies experienced a modest growth of 3.3% in 2022, reaching $132.0 billion, a significant slowdown compared to the exceptional growth of the preceding year, as highlighted in a recent AM Best report. In the […]

October 2, 2023

The United States insurance industry is grappling with a persistent wave of social inflation, with liability claims costs surging by an annual average of 16% over the last five years, according to Swiss Re Institute. This trend far outpaces the […]