Category: Financial

February 21, 2024

In the latest report by Fitch Ratings, the insurance industry in the United Arab Emirates (UAE) is depicted as steadily advancing, with notable improvements in various sectors. Despite facing challenges in 2022, particularly in the motor insurance segment, the industry […]

February 19, 2024

The catastrophe bond market saw a more stable pricing environment in the fourth-quarter of 2023, as the trend towards tighter pricing that had begun earlier in the year slowed down, Aon Securities has said. In the latest report from the […]

February 16, 2024

Swiss Re’s specialist insurance-linked securities (ILS) and third-party reinsurance capital management division, Alternative Capital Partners (ACP), has reported a 68% increase to its fee income earned for the full-year 2023, reaching $195 million. With third-party investor assets under management (AUM), […]

February 6, 2024

Marsh has released the latest edition of its Global Insurance Market Index, the broking giant’s proprietary measure of global commercial insurance rate change at renewal. According to Marsh, global commercial insurance rates increased by 2% in the fourth quarter of […]

February 1, 2024

The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7 and personal lines at 109.9, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman. […]

January 31, 2024

The last quarter of 2023 insurance shopping results began to confirm that consumers are getting used to the idea of higher auto insurance premiums, though slowly, according to J.D. Power. In its Q4 loyalty indicator and shopping trends (LIST) report, […]

January 30, 2024

Progressive netted $1.9 billion in Q4 2023, a 141% increase from the $826.4 million the company netted in Q4 2022, according to the company’s December earnings release. The company’s net income for 2023 is $3.9 billion, more than a 400% […]

January 29, 2024

An insurance start-up founded by three former Allianz executives that aims to guarantee companies buying carbon credits get the permits they’ve paid for has closed the biggest European climate-focused seed funding round in more than a year. CarbonPool raised 10.5 […]

January 29, 2024

Climate change poses the most significant threat for South African insurance companies and risks raising premiums and the cost of reinsurance, a top official at its biggest insurer by assets said. After staying almost flat in the decade to 2020, […]

January 29, 2024

62% of US insurers have said that they are willing to take more investment risk in 2024, even with concerns rising in regards to election year politics, fiscal/monetary policy, persistent inflation and volatility, according to a recent survey sponsored by […]

January 25, 2024

While reporting a strong January 1st 2024 reinsurance renewals, at which it grew its premiums written by 38%, pure-play Bermuda reinsurer Conduit Re has also highlighted some signs of the moderating market environment in US property risks, particularly in excess-of-loss […]

January 17, 2024

In an exclusive interview with China Daily, Joachim Wenning, Munich Re’s Chair of the board of management, said that the reinsurance giant currently books an annual premium income of approximately $2.19 billion in China, but expects this to rise in […]

January 17, 2024

The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss […]

January 16, 2024

A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.” “Our forecast calls for 5% to 15% rate increases for non-catastrophe property […]

January 11, 2024

U.S. venture capital firm Andreessen Horowitz has backed London-based insurance startup Hyperexponential in a $73 million funding round, the insurance software company said on Thursday. Founded in 2017, Hyperexponential provides insurance companies with mathematical modeling software, allowing them to price […]

January 11, 2024

The US Property and Casualty (P&C) insurance industry is poised for a robust year in 2024, as indicated by a recent report from the Swiss Re Institute. The industry enters the new year with strong momentum, following a period where […]

January 10, 2024

Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance commissioner posted a bulletin Tuesday, noting that […]

January 10, 2024

Shares in UK insurers fell on Wednesday, with traders pointing to an article in the Insurance Post that quoted the Financial Conduct Authority’s Head of Insurance Matt Brewis as saying premium finance was a “poor product”. At 1258 GMT, Direct […]

January 9, 2024

Insured catastrophe losses in Canada reached CAN $3.1 billion for full-year 2023, putting the costly year as the fourth most expensive for the insurance industry on record, according to CatIQ. Unlike the top three loss years, no single large event […]

January 8, 2024

According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year. By coverage […]