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Tag: insurance market


Financial, Risk Management

Insurers start seeing profit, continue rate hikes

January 30, 2024

Via: Repairer Driven News

Progressive netted $1.9 billion in Q4 2023, a 141% increase from the $826.4 million the company netted in Q4 2022, according to the company’s December earnings release. The company’s net income for 2023 is $3.9 billion, more than a 400% […]


Financial, Risk Management

Signs of stabilisation in US property excess-of-loss (XoL) reinsurance: Conduit Re

January 25, 2024

Via: Artemis BM

While 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 […]


Financial, Risk Management

China offers significant growth potential, says Munich Re’s Wenning to China Daily

January 17, 2024

Via: Reinsurance News

In 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 […]


Risk Management, Trends

Florida insurers bought 11% more reinsurance in 2023. Data suggests lawsuits slowing

January 10, 2024

Via: Artemis BM

Florida insurance carriers purchased 11% more in reinsurance over the course of 2023 than a year earlier and while market conditions were certainly hard, it was not as challenging as had been forecast for the domestic Floridian insurance market. In […]


Financial, Risk Management

US commercial insurance rates up 4.56% in 2023: MarketScout

January 8, 2024

Via: Reinsurance News

According 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 […]


Financial, Risk Management

Property cat renewals flat to up 30%, as casualty sees price pressure: Guy Carpenter

December 29, 2023

Via: Reinsurance News

Global 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 […]


Risk Management, Trends

Challenges expected for UK specialty re/insurers in 2024 despite strong 2023: EY

December 20, 2023

Via: Reinsurance News

As 2024 draws closer, Martina Neary, UK Insurance Leader at EY, has suggested the UK’s specialty insurance market will face a host of challenges in the year, including increasing weather events, sustained inflation and cost pressures, and increasing geopolitical uncertainty. […]


Financial, Risk Management

Florida reforms open runway for tens of billions in fresh capital: Fermat’s Seo

December 18, 2023

Via: Artemis BM

The 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 […]


Financial, Risk Management

Woodruff Sawyer predicts single-digit rate increase in 2024 for P&C rates

December 14, 2023

Via: Reinsurance News

Single-digit rate increases are expected in 2024, similar to the ones seen in 2023, according to Woodruff Sawyer’s recently published P&C Looking Ahead Guide. Despite economic and social inflation continuing to contribute to premium increases in the P&C insurance market, […]


Financial, Risk Management

LGT ILS Partners confident pricing will remain at attractive levels into 2024

December 4, 2023

Via: Artemis BM

LGT ILS Partners, the specialist dedicated insurance-linked securities (ILS) investment unit of the private bank and asset manager LGT Capital Partners, is confident that market conditions are going to remain attractive into 2024, even expecting some marginal price increases in […]


News

Aerospace insurance to reach new heights in next few years

November 30, 2023

Via: Insurance Business

The aerospace insurance market is poised for growth, with an expected increase of US$763.67 million from 2022 to 2027. During this forecast period, the market is projected to advance at a compound annual growth rate (CAGR) of 4.36%. A new […]


Risk Management, Trends

Chubb survey reveals lack of flood preparedness among U.S. mid-market companies

November 27, 2023

Via: Reinsurance News

Property and casualty insurer Chubb has disclosed findings from a recent survey, indicating that U.S. mid-market companies, with a majority falling within the $10 million to $1 billion range, are significantly unaware and unprepared for the risks posed by flooding. […]


Financial, Risk Management

Coface posts 9M net income of €189.7m as turnover climbs 7.1%

November 15, 2023

Via: Reinsurance News

In its 9M results, Coface recorded net income of €189.7m, which includes €60.9m for Q3 alone. Coface recorded a consolidated turnover of €1,417.8m for the first 9M, up +7.1% at constant FX and perimeter compared to the first 9M of […]


News

More insurance companies opt to exit California market

November 14, 2023

Via: Insurance Business

California has yet to stem the tide of companies exiting its embattled insurance market as four Kemper Corp. subsidiaries recently revealed plans to not renew home and auto policies starting 2024. The four companies – Merastar Insurance, Unitrin Auto and […]


Financial, Risk Management

Ohio drivers face steepest auto insurance rate hikes in a decade

November 6, 2023

Via: Insurance Business

Ohio drivers are grappling with historic auto insurance rate increases after carriers posted hikes that are the steepest seen in the state in at least a decade. Data from the Ohio Department of Insurance has shown that several of the […]


Regulatory / Legal

Consumer group highlights “loopholes” in California’s insurance reforms

November 3, 2023

Via: Insurance Business

A consumer advocacy group in California has claimed that a rule introduced by insurance commissioner Ricardo Lara lacks substantial consumer benefits and is marred by “loopholes.” The rule, which is part of a larger reform package set to be implemented […]


Financial, Risk Management

Is Florida’s insurance market finally recovering?

October 19, 2023

Via: Insurance Business

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 […]


News

Brookfield considering move into UK pension insurance market

October 17, 2023

Via: Reinsurance News

Brookfield Reinsurance is considering entering Britain’s pension insurance industry and is “open to an acquisition to bolster growth,” according to a new report from Reuters. Citing people familiar with the matter, Reuters said that Brookfield’s reinsurance affiliate is “scanning the […]


Financial, Risk Management

Swiss Re expected to bolster casualty reserves by $2.1bn: Berenberg

October 13, 2023

Via: Reinsurance News

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, […]


Financial, Risk Management

How are insurance companies looking at investments?

October 11, 2023

Via: Insurance Business

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 […]