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Risk Management, Trends

Majority of industry respondents expect use of parametric triggers in reinsurance to rise in 2024

March 28, 2024

Via: Reinsurance News

According to a recent Reinsurance News poll, over 80% of industry respondents anticipate the use of parametric triggers in reinsurance arrangements to rise in 2024. Parametric news has featured heavily in our pages so far this year, though admittedly, this […]


Geo-Political, Risk Management

Mosaic expands its political risk coverage to the US

March 28, 2024

Via: Reinsurance News

Mosaic Insurance, a specialist firm, has extended its political risk coverage to the US market and launched a new insurance product named Arbitration Award Default Insurance (AADI), offering a global coverage limit of $65 million. AADI is designed to compensate […]


Financial, Risk Management

Baltimore bridge collapse insured losses estimated up to $4bn

March 28, 2024

Via: Artemis BM

The insurance industry loss from the collapse of the Francis Scott Key Bridge in the US city of Baltimore after container ship Dali struck one of its support columns is estimated to be above the $1.5 billion of the Costa […]


Financial, Risk Management

Europe’s big four reinsurers doubled combined earnings in 2023, says Moody’s

March 27, 2024

Via: Reinsurance News

Analysts at Moody’s Investors Service report that the four largest European reinsurers—Munich Re, Swiss Re, Hannover Re, and SCOR — achieved a combined earning of €10.2 billion in 2023, more than double their earnings in 2022, attributed to higher prices […]


Financial, Risk Management

US P&C industry records $21.2bn net underwriting loss in 2023: AM Best

March 25, 2024

Via: Reinsurance News

According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results […]


Regulatory / Legal

Significant Legislative Changes for North Carolinians Injured in Car Accidents

March 22, 2024

Via: JD Supra

In 2023, North Carolina passed notable legislative changes to the State’s car insurance laws, increasing the minimum limits on liability insurance policies for the first time in nearly 25 years and removing the setoff for underinsured motorist (UIM) policies. The […]


Risk Management, Trends

Minnesota Homeowners Report Surge in Insurance Complaints

March 22, 2024

Via: Insurance Journal

Minnesota homeowners insurance complaints rose 108% from 2020 to 2023, with of those complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail. The Minnesota Department of Commerce (DOC) shared […]


Cyber Risks, Risk Management

Chief Risk Officers Say Cybersecurity Most Pressing Risk: Survey

March 21, 2024

Via: Insurance Journal

In an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers. CROs surveyed said the top five risk types or risk management types for the coming year […]


News

Zurich expands presence to the Baltic market

March 21, 2024

Via: Reinsurance News

Zurich Nordic has announced that it will be offering its insurance and risk mitigation services in the Baltic region, in a move that the company hopes will make a difference for businesses operating in the middle-market segment of Estonia, Latvia, […]


Risk Management, Trends

Preparing insurers for future Generative AI advancements: MAPFRE

March 20, 2024

Via: Reinsurance News

In a recent report conducted by Spanish insurer MAPFRE, a framework of actions is presented for insurers to consider in anticipation of potential advancements in Generative Artificial Intelligence (AI), aimed at mitigating risks and fostering a positive impact on society. […]


Financial, Risk Management

ILW market activity rising, as preparations for hurricane season begin

March 19, 2024

Via: Artemis BM

According to Artemis’ sources, activity in the industry-loss warranty (ILW) market has increased in the last few weeks, as reinsurance and insurance-linked securities (ILS) markets prepare for what is anticipated to be an active 2024 Atlantic hurricane season. As we’ve […]


News

The Year in Insurance – A Look Back, A Look Ahead

March 18, 2024

Via: Insurance Journal

2023 was an unremarkable year for insurers. And that’s a good thing. Insurers and their shareholders prefer boring predictable results over unexpected volatile shocks. Property & casualty insurance company stocks performed relatively well. In 2023 the S&P Insurance Stock Index […]


Financial, Risk Management

Hamilton secures $200m of named storm & quake retrocession with new cat bond

March 15, 2024

Via: Reinsurance News

Bermuda-headquartered Hamilton Insurance Group, Ltd. has sponsored a new catastrophe bond, providing the firm with $200 million of retrocession from the capital markets to protect against U.S and territories named storm and North American earthquake risk. Easton Re Ltd. (Series […]


News

California Insurance Commissioner: Allow Cat Modeling in Rates for Wildfires

March 14, 2024

Via: Insurance Journal

California Insurance Commissioner Ricardo Lara said he will allow catastrophe modeling to be used in rate regulation for wildfires, a move he says will help restore insurance options for Californians, including allowing. It was the latest phase of Lara’s Sustainable […]


Cyber Risks, Risk Management

Change Healthcare Cyberattack: Actionable Next Steps for Impacted Entities

March 14, 2024

Via: JD Supra

On February 21, 2024, Change Healthcare—a healthcare technology company owned by UnitedHealth Group—issued a statement that it had been impacted by a ransomware attack. According to Change Healthcare, a “threat actor” gained access to its system. As a result of […]


Risk Management, Trends

Why six million Americans go without home insurance

March 14, 2024

Via: Insurance Business

A recent study has revealed that over six million homeowners across the United States, including a significant number of Native American, Hispanic, and Black homeowners, are without homeowners’ insurance. This lack of coverage, the Consumer Federation of America says, places […]


Financial, Risk Management

Inflation continues to pressure pricing, uncertainty remains key topic, EMEA: Aon

March 12, 2024

Via: Reinsurance News

In their Q423 Market Insights Outlook for Europe, the Middle East and Africa (EMEA), Aon has highlighted how inflation continued to pressure pricing amidst generally moderate market conditions, although natural catastrophe exposed property and otherwise challenging risk types, including life […]


Regulatory / Legal

FEMA secures a further $575m of flood reinsurance for NFIP

March 11, 2024

Via: Reinsurance News

The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered […]


Regulatory / Legal

US Treasury Drops Plan to Collect Insurer Data on Climate Risks

March 8, 2024

Via: Insurance Journal

The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort […]


Financial, Risk Management

Guidewire reports increased net income and revenue in fiscal Q2’24

March 8, 2024

Via: Reinsurance News

Guidewire, a platform provider for property and casualty re/insurers, has reported a net income (GAAP) of $9.7 million for the second quarter of the fiscal year 2024, a notable turnaround from the net loss of $9.2 million for the same […]