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Tag: Insurance


Regulatory / Legal

Mississippi Pet Insurance Bill Fur Real This Time, Senators Say

February 3, 2023

Via: Insurance Journal

More Mississippi dogs, cats, reptiles and birds may soon be insured against costly medical bills thanks to legislation that passed in the state Senate Wednesday. Senate Bill 2228, by Sen. Walter Michel, a Republican from Ridgeland, would create “a comprehensive […]


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. […]


Risk Management, Trends

US property cat reinsurance rates-on-line up 30.1% at January renewals: Guy Carpenter

February 2, 2023

Via: Reinsurance News

The Guy Carpenter U.S. Property Catastrophe Rate on Line Index increased by a significant 30.1% at the January 2023 reinsurance renewals, taking rates to an all-time high, according to the latest data from the global reinsurance broker. Guy Carpenter, which […]


Regulatory / Legal

Firearm insurance – amended bill submitted to Senate

February 1, 2023

Via: Insurance Journal

An amended bill was submitted by two California senators last week which will require gun owners in the state to secure liability insurance for their firearms. Introduced by Senators Nancy Skinner, D-Oakland and Catherine Blakespear, D-Encinitas, the amended Senate Bill […]


InsurTech

Hiscox partners with reinsurtech Supercede

February 1, 2023

Via: Reinsurance News

Specialist global insurer Hiscox has partnered with reinsurtech software specialist Supercede for all 2023 outwards reinsurance placements. hiscox-logoAccording to the announcement, this partnership will drive operational efficiencies and simplify complex placements for broker partners. Supercede’s reinsurance tools will allow Hiscox […]


Risk Management, Trends

High inflation & spikes in interest rates cause challenging renewal season: Aon

January 31, 2023

Via: Reinsurance News

Aon’s January Reinsurance Market Dynamics report: Macro Conditions: Extreme Volatility, cites 2022 as being tricky for the industry, with inflation hitting multi-decade highs, as well as interest rates rising to an almost “unprecedented pace”. The report also noted that equities […]


News

AXA XL Re names Dan Bryan Head of Asia, Reinsurance

January 31, 2023

Via: Reinsurance News

AXA XL Reinsurance has appointed Dan Bryan as Head of Asia, Reinsurance, effective February 1st. Previously, Bryan held the role of Head of Treaty Underwriting for Asia. In this new role, he will continue to work with AXA XL Reinsurance’s […]


Risk Management, Trends

S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023

January 30, 2023

Via: Insurance Journal

A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a […]


News

AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”

January 30, 2023

Via: Insurance Journal

As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk […]


Geo-Political, Risk Management

California floods unlikely to be huge loss for re/insurers: J.P. Morgan

January 30, 2023

Via: Reinsurance News

A new report from J.P. Morgan has stated that the recent California floods are unlikely to be a huge loss for the insurance industry. The California floods hit from late December to early January. The state was hit with extreme […]


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 […]


Risk Management, Trends

Allstate, GEICO, State Farm… where are customers going amid increased auto insurance shopping?

January 25, 2023

Via: Insurance Business

J.D. Power has published the latest edition of its auto insurance quarterly shopping trends report, and found that in the fourth quarter of 2022, there was actually a noticeable increase in auto insurance shopping activity in America. The report – […]


Cyber Risks, Risk Management

Hannover Re Transfers Cyber Risks to Capital Markets via Proportional Reinsurance

January 24, 2023

Via: Insurance Journal

Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone Ridge is supporting the transfer with […]


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 […]


Regulatory / Legal

Louisiana governor calls special session over state’s property insurance crisis

January 23, 2023

Via: Insurance Business

Recognizing the instability of Louisiana’s property insurance market, Governor John Bel Edwards has called for legislators to convene a special session to address the issue. Edwards’ call comes after State Insurance Commissioner Jim Donelon appeared before the Joint Legislative Committee […]


InsurTech

Holiday travel chaos – a case for parametric insurance?

January 23, 2023

Via: Insurance Business

North American travelers were plagued by extraordinary travel disruptions over the recent holiday season, compounded by a “once in a generation” winter storm that struck the US. Thousands of flights were disrupted by the megastorm in late December, while a […]


News

Anti-insurance crime group petitions YouTube

January 20, 2023

Via: Insurance Business

The National Insurance Crime Bureau (NICB), together with the Coalition Against Insurance Fraud and the International Association of Special Investigation Units, has sent a joint letter to YouTube requesting the social media platform to take down all videos that provide […]


News

Distinguished Programs, SiriusPoint partner on environmental insurance program

January 20, 2023

Via: Insurance Business

National insurance program manager Distinguished Programs has announced a new partnership with SiriusPoint to expand into environmental, construction pollution and professional insurance. As part of the multi-year program agreement, SiriusPoint’s environmental team, led by Doug Stepenosky, will move to Distinguished […]


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 […]