Category: Financial

December 29, 2023

Global renewal rates for property catastrophe reinsurance saw a wide range of outcomes at the January 1st 2024 renewals, with non-loss affected accounts largely flattish, but loss impacted seeing increases of up to 30%, according to Guy Carpenter. The reinsurance […]

December 29, 2023

Reflecting on the overall insurance industry losses for the year, BMS Group has revealed that worldwide insurance industry losses for 2023 should end up below the modeled average annual loss suggested by Verisk Annual Global Modeled Catastrophe Losses of $133 […]

December 28, 2023

Storm ZOLTAN is expected to result in insured property damage totalling €200 million, bringing insured losses from natural hazards for 2023 in Germany to almost €4 billion, according to Onnen Siems, Managing Director of actuarial consultancy firm Meyerthole Siems Kohlruss […]

December 20, 2023

The inflationary rate of auto insurance climbed by 19.2% from November 2022 to November 2023, continuing to be above the total inflation rate of 3.1%, and contributed 0.5 percentage points to the rate, according to the latest Consumer Price Index […]

December 20, 2023

Nearly all of Washington small businesses experienced health premium hikes throughout the past year and are expecting an additional 9% increase next year, according to a new survey. The Small Business for America’s Future (SBAF) survey of 1,015 small business […]

December 19, 2023

Insurance giant Allianz has returned to the catastrophe bond market for the first time in over a decade with a new deal which will provide it with a multi-year risk transfer capacity of €250 million to protect against European windstorms. […]

December 18, 2023

The enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management […]

December 15, 2023

Allstate has secured regulatory approval to increase auto insurance rates in California, New York, and New Jersey. CFO Jess Marten said the insurer will be implementing rate increases of 30%, 14.6%, and 20% in the respective states beginning December, with […]

December 15, 2023

Helios Underwriting PLC, the Lloyd’s investment vehicle, has upped its capacity for 2024 to £501 million, as the company takes advantage of new syndicate opportunities. This 2024 capacity represents a 61% increase from 2023, where total capacity stood at £310 […]

December 14, 2023

Single-digit rate increases are expected in 2024, similar to the ones seen in 2023, according to Woodruff Sawyer’s recently published P&C Looking Ahead Guide. Despite economic and social inflation continuing to contribute to premium increases in the P&C insurance market, […]

December 13, 2023

State Farm has maintained its dominance in the US homeowners insurance space, holding firm on its position as the leading market share holder in the third quarter despite grappling with its highest loss ratio in almost six years. According to […]

December 13, 2023

A new study, the Resilient Cities Index, conducted by Tokio Marine Group and Economist Impact, highlights the lack of infrastructure and effective environmental policies in cities worldwide to address the growing impacts of climate change. The study emphasizes the crucial […]

December 12, 2023

Following seismic activity and a magma dike opening crevasses in Grindavík, Iceland, Hulda Ragnheiður Árnadóttir, director of the Natural Catastrophe Insurance of Iceland, has said the damage to homes and infrastructure could amount to ISK 10 billion ($71.4 million). As […]

December 7, 2023

Hamilton Insurance Group, following its recent debut on the New York Stock Exchange, has announced a net income of $43.6 million for the third quarter in its inaugural earnings report as a publicly traded company. Hamilton reported a third-quarter combined […]

December 7, 2023

Despite the rate increases that have already been achieved across catastrophe exposed property insurance and property catastrophe reinsurance, it is the view of most reinsurers that property cat pricing is still insufficient, according to Amwins. Amwins, the insurance origination and […]

December 6, 2023

Private catastrophe bond issuance for 2023 has now reached $642 million, as a new issuance of privately placed insurance-linked securities (ILS) has been completed by the Eclipse Re vehicle, a nearly $100 million Eclipse Re Ltd. (Series 2023-9A) deal. Eclipse […]

December 5, 2023

AM Best is maintaining a negative market segment outlook for the US personal lines insurance segment into 2024. This decision, initially made in September 2022, is driven by continuous deterioration in the personal auto and homeowners’ insurance lines, compounded by […]

December 5, 2023

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 […]

December 4, 2023

Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €509 million for the Babet-Aline floods and storms over the British Isles and northwestern Europe in October 2023. In line with the PERILS coverage definition for […]

December 4, 2023

LGT ILS Partners, the specialist dedicated insurance-linked securities (ILS) investment unit of the private bank and asset manager LGT Capital Partners, is confident that market conditions are going to remain attractive into 2024, even expecting some marginal price increases in […]