Marine global premiums rise, loss ratios improve
25 September 2023
The International Union of Marine Insurance says all lines of business have reported an uplift in global premium base and loss ratios have improved, particularly for hull and cargo.
International
UK regulator raises concerns over motor add-ons
25 September 2023
The Financial Conduct Authority has issued a warning to UK insurers after a report showed some insurance products, particularly motor add-ons, are failing consumers...
Reinsurance price increases ‘not yet sufficient’: Hannover Re
18 September 2023
Reinsurers have put the case for further reinsurance price rises at the January renewals as the industry prepares for annual negotiations following the Rendez-Vous de Septembre event in Monte Carlo...
Rising convective storm losses mostly reflect exposure growth: Aon
18 September 2023
More than 80% of the increase in US severe convective storm losses is likely due to exposure growth rather than a new normal of elevated storm activity driven by climate impacts, Aon says...
Parametric payout to support Morocco quake rebuild: AM Best
18 September 2023
The financial impact from the Morocco quake is expected to be “manageable” and is likely to trigger a maximum payout of $US270 million from a parametric cover that has been in place since 2020, AM Best says in a report...
Hong Kong floods may impact reinsurance renewals
18 September 2023
Hong Kong flooding that’s been described as a 1-in-500-year event may have implications for the upcoming reinsurance renewals, AM Best says...
First-half US P&C losses almost equal full-year loss of 2022
18 September 2023
The US property & casualty industry recorded a $US24.5 billion net underwriting loss in the first half – close to matching the full-year loss of $US26.5 billion recorded in 2022, AM Best says...
Moody’s RMS creates steering group to grow cyber market
18 September 2023
Munich Re, Gallagher Re and Bitsight are founding members of a steering group created by catastrophe risk modeller Moody’s RMS...
Zurich names new risk advisory services head
18 September 2023
Zurich has appointed Dirk De Nil as its new Global Head of Zurich Resilience Solutions...
FM Global launches second round of climate mitigation credits
18 September 2023
FM Global has announced a second year of resilience credits worth about $US350 million for its clients to support climate mitigation solutions and strategies...
Rendez-Vous underway amid positive signs for reinsurers
11 September 2023
The annual reinsurance Rendez-Vous de Septembre is underway in Monte Carlo amid relatively positive outlooks for the sector following rate increases and changes to terms and conditions...
‘No lasting impact’: cyber events don’t dictate stock market
11 September 2023
Insurance-linked securities are a key source of potential new cyber reinsurance capacity, and issuers should put aside concern over a "perceived correlation” between cyber events and stock market performance, Guy Carpenter says...
US property insurers rethinking disaster cover in some regions
11 September 2023
At least five large US property insurers have told regulators that extreme weather patterns have led them to stop providing cover in some regions, exclude various weather events or raise premiums and deductibles, the Washington Post has reported...
Lloyd’s rebounds with first-half profit
11 September 2023
Lloyd’s has rebounded to report a half-year profit as rising premiums and fewer major catastrophes drove an improved underwriting result and the investment performance turned around...
Great quake centenary highlights Japan’s risks today
11 September 2023
The 100-year anniversary of Japan’s devastating Great Kanto Earthquake has highlighted the potential for up to $US150 billion in insurance losses from a similar event today due to the concentration of population and wealth in the Tokyo region...
Cyber growth hinges on reinsurance capital supply: S&P
04 September 2023
Cyber is still the fastest growing sub-sector of the global insurance market but unlocking its potential will depend heavily on reinsurers’ appetite to underwrite the risk, S&P Global Ratings says in a report...
Hurricane Idalia hit less populated area than Ian
04 September 2023
Insured losses in Florida related to Hurricane Idalia are unlikely to equal those from 2022’s Hurricane Ian, though property insurers’ 2023 underwriting results "will be under pressure,” AM Best says...
ILS market growth hits record: Aon
04 September 2023
Insurance-linked securities capital has reached $US100 billion and is “trending towards the greatest ever annual catastrophe bond issuance on record,” Aon says...
UK’s Direct Line overcharges some existing customers, FCA says
04 September 2023
Direct Line Group will carry out a review after it charged some existing home and motor customers more for their renewals than it would have done if they were a new client, breaching Financial Conduct Authority insurance pricing rules...
Reinsurance capital drops as interest rates rise, appetite changes
28 August 2023
Traditional reinsurance capital dropped sharply last year due mainly to unrealised losses on assets caused by rising interest rates, while AM Best says a “potentially more notable driver” was a shift in appetite...