US Life Insurers Report Strong 2024 Earnings and Outline Strategic Growth
US life insurers experienced a relatively stable second quarter, showing higher year-over-year earnings and unveiling strategic updates for select companies
US life insurers experienced a relatively stable second quarter, showing higher year-over-year earnings and unveiling strategic updates for select companies
Global natural disaster losses in the first half of 2024 reached $120 bn, down from 2023, which saw $140 bn in losses due to a severe earthquake in Turkey and Syria
Reduced investment in supply chains lowers their resilience to natural disasters, unexpected technology outages, and political events, increasing the risk
Increasing use of artificial intelligence triggers claims across many lines of business. Insurers will need to understand of intended effects
Natural disasters amplified by climate change continue to take a bitter toll on the global economy, caused $350 bn in economic losses, with insurance covering just over $100 bn
1H 2024 saw multiple notable natural catastrophe events, which drove total year-to-date economic losses above at least $117 bn
Life insurers’ risk appetite is returning rapidly as interest rates remain higher for longer. Stock insurers are regaining appetite for asset-intensive business
Severe convective storm (SCS) losses in the US continued to dominate global insured losses in 2024, following a highly active period for the peril
The rise in U.S. homeowners insurance costs have been driven by a combination of increasing natural catastrophe losses and extraordinary inflation
The global insurance industry has reached a new equilibrium after the challenges of recent years. The global economy has surprised on the upside
The 2024 Atlantic hurricane season officially began and has already been active. Business owners found that 91% identified specific weather or natural hazards as risk
The total economic loss from global natural catastrophes for H1 2024 was estimated at $128 bn, insured losses totalled at $61 bn
Aon released 2024 Global Benefits Trends Study. The study indicates global minimum benefits standards are becoming standard for multinationals
Insured losses from Hurricane Berylcould have surged if the Category 1 hurricane had struck a densely populated Texas city like Corpus Christi or Galveston
The U.S. property and casualty insurance market is set for a return to underwriting profitability and significant improvements in return on capital
The low interest rate years were challenging for people trying to save for retirement. Low rates made savings products and life insurance less appealing
The UK Government can reduce claims costs to lower car insurance prices, according to industry experts. The Labour Party, which polls indicate is win the general election
Fitch Ratings upgraded its outlook for the German non-life insurance sector from ‘neutral’ to ‘improving’ due to anticipated better profitability from rising premium rates
$1.2 bn in lightning-related homeowners insurance claims were paid to more than 70,000 policyholders in the U.S., with $194 mn attributed to Texas alone
Home insurance premiums in Florida rose at a much lower rate than originally projected in 2023 (80% less) and 2024 (60% less)
While life insurers’ exposures to illiquid assets have been rising, it does not necessarily lead to unmeasured risks. Private and illiquid credit cannot be traded or sold
Higher interest rates improve the outlook for life insurers. Demand for savings-related products is surging, with US fixed annuity sales
Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses
The life insurance industry in 2024 looks very different to 15 years ago. Low interest rates from 2008 until the inflation surge after 2021 put huge strain on the traditional life
The surge in interest rates to 15-year highs significantly improves the outlook for life and annuity insurance. The life insurance industry today looks very different to 15 years ago