Cost of Turkey quakes tops $5 billion
12 February 2024
Catastrophe data group Perils has released its fourth cost estimate for last February’s earthquakes in Turkey, with insured property losses amounting to 117 billion lira ($5.84 billion)...
International
Aon Q4 revenue rises as legal cost dents result
12 February 2024
Broker Aon’s key businesses performed strongly in the fourth quarter but group net income fell due to higher expenses, including a $US197 million ($303 million) charge “in connection with certain accrued actual or anticipated legal settlement expenses”...
Talanx sets earnings record as insurance revenue increases
12 February 2024
Talanx, the parent company of HDI Global, says net income last year jumped to a record €1.58 billion ($2.61 billion) as all divisions reported earnings growth...
Reinsurer appetite rises in smoother January renewals
05 February 2024
January reinsurance renewals were completed relatively smoothly compared with a year earlier when a market reset drove higher pricing and tougher terms, but “underwriting rigour” has continued...
Marsh McLennan ‘excited’ about Honan as shopping spree continues
05 February 2024
Marsh McLennan President and CEO John Doyle says the company remains on the lookout for acquisitions following deals last year that included buying Australia and New Zealand broker Honan Insurance Group...
Japanese earthquake losses could hit $9 billion
05 February 2024
Insured losses from the earthquake that shook Japan’s Noto Peninsula on New Year’s Day could reach ¥435- ¥870 billion, catastrophe risk modeller Moody’s RMS estimates...
Premium increases boost Gallagher earnings
05 February 2024
Broker Gallagher posted higher earnings in the fourth quarter, lifted by premium rises at renewals...
‘Outstanding quarter’ closes out Chubb’s best year yet
05 February 2024
Chubb CEO Evan Greenberg says strong fourth-quarter earnings contributed to a “blowout year – the best in our company’s history” and underwriting conditions overall are favourable...
Canada suffers fourth worst year of losses
05 February 2024
Insured losses in Canada topped $C3.1 billion last year, making it the country’s fourth costliest year, according to Perils subsidy Catastrophe Indices and Quantification...
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...
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...