Lloyd's anticipates higher underwriting earnings
13 March 2023
Lloyd’s says preliminary figures show the business is set to report improved underwriting earnings for last year, supported by price increases and organic growth...
International
NOAA declares end of La Nina
13 March 2023
The US-based National Oceanic and Atmospheric Administration (NOAA) says the tropical Pacific Ocean-atmosphere system has transitioned to neutral, marking the end of the most-recent La Nina event...
Loss-making US personal lines clobber P&C industry earnings
13 March 2023
Rating agency AM Best says US personal lines insurers’ earnings worsened with an estimated underwriting loss of $US34.9 billion last year after losing $US12.3 billion in 2021...
Parametric pilot targets New York City flood assistance
13 March 2023
A parametric insurance pilot program has been launched in New York City to provide rapid assistance for low-and-moderate income communities affected by flooding...
Swiss Re boosts loss protection with JP Morgan-led deal
13 March 2023
Swiss Re has closed a transaction with JP Morgan that will provide $US700 million underwriting losses protection as it looks to alternative capital innovation to extend its ability to pursue reinsurance opportunities...
Florida takes action on state insurance market crisis
06 March 2023
Florida reforms introduced in December and further proposals put forward in the first quarter suggest the state is “quite serious” about fixing fraud and legal system abuses that have inflated claims costs and caused a crisis, the Insurance Information Institute says...
Moody's highlights 'game-changer' events in catastrophe review
06 March 2023
Moody’s RMS has described 2022 as “another challenging year for the insurance industry” in its latest natural catastrophe review as losses continued to soar...
Berkshire Hathaway posts underwriting loss after motor claims rise
06 March 2023
Berkshire Hathaway has reported a $US90 million underwriting loss after its direct motor insurance division was affected by increased claims frequencies, high used cars prices and parts shortages...
UK insurers' three-year strategy centres on customer trust, society and climate
06 March 2023
The Association of British Insurers has released a three-year plan outlining how the industry intends to keep customers’ trust, invest in people and planet and support an effective functioning market...
Scor says turnaround 'imperative' after full-year loss
06 March 2023
Reinsurer Scor has reported a €301 million net loss after a sixth consecutive year marked by a high frequency of natural catastrophes and other weather-related events...
Insured losses from Turkey quakes 'could exceed $7 billion'
27 February 2023
Catastrophe modeller Moody’s RMS estimates the insurance industry will cover more than $US5 billion in losses relating to a series of earthquakes that struck Turkey and Northern Syria earlier this month...
Munich Re aims for higher profit after strong renewals
27 February 2023
Munich Re is projecting higher earnings for this year, encouraged partly by the performance of its property and casualty business and strong renewals in January...
Perils concludes loss estimate for European windstorms
27 February 2023
Zurich-based catastrophe data company Perils has released its final loss estimate for a series of windstorms that hit parts of Europe last February at €3.85 billion...
Lloyd's Market Association launches underwriting committee
27 February 2023
The Lloyd’s Market Association has set up a Chief Underwriting Officers’ Committee to represent the views of managing agents on issues of strategic importance...
Axa's annual revenue passes 100 billion euros
27 February 2023
Axa’s gross revenue rose 2% to €102 billion last year, putting it on track to beat its earnings growth targets...
Report warns industry at 'inflection point'
20 February 2023
Consultancy McKinsey & Company has released a report outlining the stark challenges facing commercial property and casualty insurers globally, including the threat of “losing relevance” in a rapidly changing risk landscape...
Allianz P&C earnings get Australia boost
20 February 2023
Allianz’s property and casualty arm posted stronger earnings last year, boosted partly by its Australian business, the third largest non-life insurer here...
Aon report credits Florida building code against Hurricane Ian damage
20 February 2023
Aon says Florida’s enhanced building code successfully contributed to protecting homes against Hurricane Ian and suggests similar measures could be established across other regions...
Swiss Re forecasts earnings rebound after tough year
20 February 2023
Swiss Re full-year net income has slumped to $US472 million compared to $US1.4 billion previously following a difficult year, but the group has forecast a rebound in its results...
AIG general insurance pre-tax-income falls
20 February 2023
AIG’s general insurance business posted weaker pre-tax income for the December quarter, dragged down by a decline in alternative investment income...