Billion-euro catastrophe losses on the rise: Munich Re
23 October 2023
Insured losses in excess of €1 billion from individual events are increasingly common, adding to the list of pressures facing the insurance industry, Munich Re says...
International
Marsh McLennan third quarter net income rises to $1.15 billion
23 October 2023
Marsh McLennan recorded higher third quarter earnings, with net income rising to $US730 million from $US546 million a year earlier and consolidated revenue up 13% to $US5.4 billion...
Aon details third quarter natural disaster losses
23 October 2023
Aon’s third-quarter natural catastrophe report puts preliminary Q1-Q3 insured losses at $US88 billion, with US storms contributing to nearly 70% of losses...
US study examines inflation impact on auto claims
23 October 2023
Inflation drove personal and commercial auto liability claim payouts in the US higher by between $US96.1 billion and $US105.2 billion from 2013 to last year, an Insurance Information Institute study has found...
Lack of universal definition hampers cyber modelling
16 October 2023
Cyber remains a difficult risk to model and price, forcing reinsurers to manage their exposures through appetite, pricing, tighter wordings and exclusions, according to a Gallagher Re report...
AIG announces key leadership appointments
16 October 2023
AIG has appointed David McElroy to the newly created role of Chairman General Insurance and has announced leaders for its North America and International operations...
Lloyd’s new data tool highlights extreme weather vulnerability
16 October 2023
Lloyd’s has launched a tool that models the economic impact of extreme weather events that lead to food and water shocks...
US commercial rates moderate
16 October 2023
Commercial rates in the US market stood at +3.72% in the third quarter compared with +5% in the preceding three-month period, MarketScout says...
Canada counts the cost of record summer wildfires
09 October 2023
Summer wildfires in Canada’s British Columbia have become the costliest event in the province’s history and one of the country’s top 10 natural disasters for insurance payouts...
US homeowners face barriers to increasing resiliency
09 October 2023
Barriers to US homeowners improving resiliency include the expense and a lack of knowledge around where to start, the American Property and Casualty Insurance Association says...
Headwinds strengthen for US commercial auto insurers
09 October 2023
Profitability at US commercial vehicle insurers has deteriorated this year in a sign that headwinds for the troubled segment are strengthening, AM Best says...
Lloyd’s acts after French court case exposed Iran issues
09 October 2023
The Lloyd’s Market Association has published two updated sanctions suspension clauses to assist underwriters in meeting regulatory requirements, building on previous work to provide clarity as a result of trade restrictions affecting Iran...
Recession risk, inflation top investment concerns: BlackRock
02 October 2023
Recession risk has become the most serious investment consideration for insurers, while inflation dynamics have been the biggest economic surprise this year, a global survey by BlackRock says...
UK multi-occupancy building reforms to start from new year
02 October 2023
Multi-occupancy building insurance reforms that target commission payments and include a best interests duty will start from next year, the Financial Conduct Authority says following a review sparked by soaring premiums...
Lloyd’s marks opening of revamped Underwriting Room
02 October 2023
Lloyd’s has marked the reopening of its historic Underwriting Room following a refurbishment that it says blends the benefits of digital transactions with human interactions...
UK home insurance market ‘remains competitive’: ABI
02 October 2023
The Association for British Insurers says insurers paid out more than £8.6 million per day in home insurance claims for the second quarter of this year...
UK regulators open diversity consultation
02 October 2023
UK Regulators are seeking feedback until December 18 as they prepare to develop rules to boost diversity and inclusion in financial services...
Lloyd’s warns climate change amplifying exposure
25 September 2023
Climate change will amplify catastrophe costs already fuelled by increased insured values and development in high-hazard locations, with impacts “extremely complex”, Lloyd’s Chief of Markets Patrick Tiernan says...
AM Best revises US homeowners segment outlook to negative
25 September 2023
AM Best has revised its outlook on the US homeowners insurance segment to negative from stable due to high levels of natural catastrophes combined with challenges such as inflationary pressures and elevated reinsurance costs...
California allows insurers to consider future risk
25 September 2023
The California Government has launched a series of executive actions that will allow insurers to consider climate change and other future risks when assessing a property’s rate in a move aimed at addressing the state’s ongoing insurer exodus crisis...