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...
International
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...
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.
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...