RIMS appoints new President and leadership team
05 February 2024
The Risk and Insurance Management Society has announced David Arick as its 2024 President, alongside new appointments to its board...
International
US personal auto results worsen despite hefty rate rises
18 December 2023
Significant premium increases have failed to arrest a slide in US personal auto underwriting results, AM Best said in a market segment report...
Munich Re sets higher profit target for 2024
18 December 2023
Munich Re is aiming to achieve a full-year net profit of €5 billion in 2024, the reinsurer has announced, citing ongoing “favourable” market conditions. The business has a €4.5 billion guidance for this year and will release its results on February 27...
Europe and UK windstorm Ciaran losses estimated at $3 billion
18 December 2023
Losses from extratropical windstorm Ciaran, also known as Emir, are estimated at €1.889 billion, catastrophe insurance data firm Perils says in its first assessment of the event...
Swiss Re acquires UK-based flood risk expert Fathom
18 December 2023
Swiss Re has acquired UK-based flood risk specialist Fathom, adding additional expertise and a “robust set of products” to complement its existing data and modelling...
Severe thunderstorm insured losses hit annual all-time high
11 December 2023
Insured losses from severe thunderstorms have reached a record $US60 billion this year, Swiss Re Institute estimates...
Hail behind 54% of total loss solar claim costs
11 December 2023
Renewable energy underwriter GCube Insurance says the solar industry is plagued by limited and costly insurance coverage, inadequate hail-risk models and ineffective mitigation strategies which are making projects vulnerable...
US personal lines battling rising loss cost severity: AM Best
11 December 2023
AM Best has maintained its negative outlook on US personal lines for next year due to the ongoing deterioration in results for personal auto and homeowners business, and with inflationary pressures driving rising loss costs...
‘A decade of impact’: 10th Dive In to be held in September
11 December 2023
The 10th anniversary of Dive In, the insurance industry’s diversity and inclusion festival, is to be held from September 24-26 next year...
Lloyd’s business plan aims for 11% GWP growth
04 December 2023
Lloyd’s is planning for gross written premium to increase 11% next year to £60 billion, Chief of Markets Patrick Tiernan says in a fourth quarter message...
Hurricane season ends after ‘above-average’ storm activity
04 December 2023
The Atlantic hurricane season has ended after “above-average” storm activity, the Insurance Information Institute says...
Reinsurer tougher stance here to stay: AM Best
04 December 2023
Reinsurers are unlikely to loosen their terms and conditions or lower attachment points “any time soon”, AM Best Senior Director Carlos Wong-Fupuy says in an outlook for the sector...
HDI Global nine-month revenue grows 10%
04 December 2023
Industrial insurer HDI Global Specialty recorded a 10% rise in insurance revenue to €6.6 billion for the nine-month period to September, lifted by its property and liability business’ results...
‘Claim dynamics’ major concern for P&C insurers: Swiss Re
27 November 2023
Swiss Re expects higher investment returns and better underwriting results will lift global non-life insurance profitability to around 10% return on equity for the next two years, but it says “claim dynamics” are a major concern in property and casualty...
Lloyd’s opens ‘insuring the transition’ roadmap consultation
27 November 2023
Lloyd’s is seeking feedback until the end of January on its plans to support customers in overcoming challenges as they transition to lower carbon business models...
Allianz tops Gucci, Pepsi in list of high-value global brands
27 November 2023
Allianz and Axa have retained placements in Interbrand’s latest global rankings, which lists the top 100 most valuable brands...
UK insurer targeted by cyber attack
27 November 2023
UK-based Sabre Insurance Group says it was subject to a cyber attack on November 16, though management do not believe any sensitive customer data was accessed or expect any material financial impact as a result of the incident...
Property still challenging, generative AI risk under close scrutiny
20 November 2023
Property remains challenging even as reinsurance capital has rebounded and the insurance impact from the likes of ChatGPT and other generative artificial intelligence is being more closely scrutinised as more businesses use the technology, Aon says in a quarterly report...
Hurricane Otis insured losses could hit almost $7 billion
20 November 2023
Moody’s RMS estimates insured losses relating to Hurricane Otis to be between $US2.5 billion and $US4.5 billion, after the “unprecedented” category five storm hit Mexico’s west coast...
AI not behind insurance layoffs: AM Best
20 November 2023
It is too soon to cite Artificial Intelligence as the leading cause of recent insurance industry job losses, though such automation will impact industry employment as AI capabilities broaden and insurance companies become more comfortable using it, AM Best says...