FCA warns over fair value for consumers
26 August 2024
Britain’s Financial Conduct Authority has called on insurers and brokers to ensure their products and services deliver fair value, after a review found continued failings...
International
Swiss Re buoyed by renewals, lower catastrophe claims
26 August 2024
Swiss Re says net income jumped to $US2.1 billion ($3.09 billion) in the first half, helped by low natural catastrophe claims, strong investment income and disciplined underwriting...
Rebounding reinsurers earn ‘well above’ capital cost
26 August 2024
Global reinsurers have generated returns above the cost of capital for the first time in four years thanks to repricing and actions to reduce portfolio risk, AM Best says...
‘Determined’ serial offender jailed over false home claims
26 August 2024
A fraudster who repeatedly submitted false home cover claims to RSA Insurance in Britain has been jailed...
Broker banned after client funds used to pay debts
19 August 2024
The UK regulator has banned a broker from working in financial services and imposed a fine after an investigation found he used client premiums to pay debts instead of passing the funds to insurers...
Losses from Hurricane Debby could top $2 billion
19 August 2024
Hurricane Debby private market insured losses will not exceed $US1.5 billion ($2.3 billion), Moody’s RMS has estimated, while Hurricane Ernesto, which formed last week, has remained well away from the US coastline...
British insurers set claims record as weather takes toll
19 August 2024
UK insurers paid more than £1.4 billion ($2.71 billion) in claims in the second quarter – the highest sum since the Association of British Insurers began tracking data in 2017...
Canopius earnings rise, rate adequacy ‘remains strong’
19 August 2024
Canopius Group says first-half net profit rose 53% to $US179 million ($272 million) as it pursued disciplined growth and delivered robust underwriting profitability...
Primary insurers tipped to bear brunt of Hurricane Debby losses
12 August 2024
Losses from Hurricane Debby, which crossed the Florida coast before bringing flooding to southern US states, will mostly be borne by primary insurers, Moody’s Ratings says...
Zurich operating profit rises, ROE sets record
12 August 2024
Zurich’s business operating profit rose 7% to $US4 billion ($6.1 billion) in the first half and return on equity reached a record 25%...
‘Never earned more’: half-year result lifts Munich Re confidence
12 August 2024
Munich Re has booked a 40.6% rise in second-quarter net profit to €1.62 billion ($2.68 billion), taking its overall earnings in the June half to nearly €3.8 billion ($6.3 billion)...
Hurricane risk changes a focus as Aon renews Columbia research deal
12 August 2024
Aon and Columbia University have extended a research collaboration that has already found climate models may be underestimating future Atlantic hurricane impacts...
AM Best raises Lloyd’s financial strength rating
12 August 2024
AM Best has upgraded its financial strength rating for Lloyd’s, noting the market’s healthy balance sheet, operating performance, “very favourable” business profile and enterprise risk management...
US storms drive first-half insured losses
12 August 2024
Thunderstorms and floods were “key drivers” as global insured losses totalled $US60 billion ($91.11 billion) in the first half, according to Swiss Re...
Market finds ‘equilibrium’ as catastrophe reinsurance demand rises
05 August 2024
The catastrophe reinsurance market has seen “material interest” from insurers, according to a mid-year update from broker Guy Carpenter...
Enstar agrees to $7 billion takeover bid
05 August 2024
Insurance run-off specialist Enstar has accepted a $US5.1 billion ($7.8 billion) takeover offer from a consortium led by global investment firm Sixth Street...
Munich Re repeats climate warning as insured losses mount
05 August 2024
Global natural catastrophe insured losses totalled $US62 billion ($95.44 billion) in the first half, with floods and thunderstorms key contributors, according to Munich Re...
Swiss Re appoints ‘seasoned leader’ as CFO successor
05 August 2024
Anders Malmstrom will become Swiss Re’s group CFO next April, replacing the retiring John Dacey...
Fires tear through Canada, California
29 July 2024
More than 350 structures are believed to have been destroyed as wildfire ripped through the tourist town of Jasper in Alberta, Canada, last week...
CrowdStrike shows cyber is ‘dynamic market’: AM Best
29 July 2024
The CrowdStrike outage is a warning to industry to stay on top of emerging cyber risks, ratings agency AM Best says...