Fitch expects lower earnings for the French non-life insurance sector
Credit fundamentals in the French non-life insurance sector will worsen in the next 12 months as insurers adapt to new market and macroeconomic regimes
Insurance News
Insured losses estimated after hurricane Ian stand at $10.3 bn – Florida OIR
Insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion
Insurance fraud costs the insurance industry $309 bn annually
The Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the $308.6 billion. In 1995 this number at $80 billion
Reinsurance rates for property catastrophe business should increase by over 10%
Reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims
Most Non-life re/insurers are expecting rate rises to repeat in 2023 of 10%
Non-life and composite re/insurers in the European market appear to be “categorically bullish” on the outlook for pricing and their prospects for growth
Global insurance broker Marsh acquires the majority of shares in Beassur Marsh (Africa)
Global insurance broker Marsh has announced that it intends to exercise its option to acquire the majority of shares in Beassur Marsh, following its acquisition of a stake
One Call Insurance with Trackm8 launches innovative ‘Pay as you Drive’ car insurance
Doncaster based insurance broker One Call Insurance has unveiled a new car insurance product, enabling customers to pay for their policy on a ‘pay as you go’
Premium rate for Auto & Property Insurance in Canada decreased in Q3 2022
Insurance premiums for both Personal Auto lines and Personal Property lines in Canada decreased year over year in Q3 2022
US inflation remains above target, Fed will induce a recession
As US inflation remains above target, the Swiss Re Institute expects the Fed will induce a recession in 2023 to avoid a de-anchoring of inflation expectations
US Auto Insurers suffered underwriting loss of $766mn
US auto insurers suffered underwriting loss of $766 million, marking it as the segment’s worst half-year result in five years, as impacts from inflation on auto repair
European reinsurers declines in net income return on equity to 3%
The earnings of Europe’s four main reinsurers fell over the 9 months of this year, compared to the same period in 2021
Proposed change to Solvency II is neutral for creditworthiness of insurers in the UK
S&P Global Ratings suggest that the government’s announcement of its proposed change to Solvency II is likely to be neutral for the creditworthiness of rated insurers
Total U.S. insured losses from Hurricane Nicole at less than $2 bn
Catastrophe risk modeller RMS has pegged total private market U.S. insured losses from Hurricane Nicole at less than $2 billion, with a best estimate of $1.6 billion
Florida Hurricane Catastrophe Fund do not face near-term risks
Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks
Turkey warned oil shippers they will need to prove insured to cross straits
Turkey warned the world’s oil shippers they will need to prove they’re insured to cross the country’s vital straits, a move that could restrict flows of Russian oil
Total insured nat cat losses over the last 6 years have been $630bn
The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark
UK Government scrap of certain EU rules for insurers in Solvency II reforms
The UK Government has received widespread approval from the insurance and reinsurance industry promised that scrapping of certain EU rules in Solvency II reforms
HUB Cannabis Dispensary Insurance available via Insureon
HUB International has launched HUB Cannabis Dispensary Insurance, which is accessible through HUB’s digital commercial insurance platform, and offers access to general liability
Vulnerable 20 Group of Finance Ministers and G7 launch Global Shield initiative at COP27
The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) have launched the Global Shield against Climate Risks
US auto insurers recorded an underwriting loss of $4bn
US private auto insurers recorded an underwriting loss of more than $4bn in 2023, and with a rapidly worsening loss ratio, analytics expects that carriers’… Read More »US auto insurers recorded an underwriting loss of $4bn
Insurance and financing becomes important in managing catastrophic risk for Egypt
Re/Insurance and other risk transfer and financing mechanisms will become increasingly important in managing catastrophic risk as countries transition to more climate-resilient
Insurance Information Institute Global P&C Industry Forcast
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line
85 insurers in Africa pledge $14bn of cover to take up floods and tropical cyclones
A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people
Insured gross modelled losses from Hurricane Nicole will be $750mn
A new note from CoreLogic says that it estimates that privately insured gross modelled losses from Hurricane Nicole will be less than $750m
Aflac and Trupanion announce joint venture in Japan Aflac Pet Insurance
Aflac and Trupanion are announcing a joint venture between Aflac Life Insurance Japan and Trupanion to provide pet insurance in Japan
Insurers and investors struggles to grasp what role social or ‘S’ dimension
Since its launch by the United Nations, the ESG movement has grown into a global phenomenon that is reshaping the asset management
MetLife stock is up 20% this year and could gain even more
MetLife stock has actually had an eventful 2022. While the S&P 500 index has fallen 22% this year, MetLife stock has cruised to a 20% gain, including reinvested dividends
Guy Carpenter launches a reinsurance strategy optimization platform MetaRisk Live
Guy Carpenter launches of MetaRisk Live, a new tool that supports the structuring and optimization of reinsurance strategies in real time
Hurricane Ian have an substantial impact on E&S lines property insurance market
Hurricane Ian is expected to have an “immediate and substantial” impact on the excess and surplus (E&S) lines property market
Increases in interest rates globally affects to the insurers balance sheets
Substantial increases in interest rates globally have significantly affected the balance sheets of some insurers this year
Non-life Insurance Market in Italy rose by 6%
Non-life insurance premiums in Italy rose by 6%, according to data from Fitch Ratings, owing to strong growth in non-motor lines
Insurers are still willing to play important role in tackling climate change
Insurance Europe has said that the continent’s insurers and reinsurers are still willing to play their ‘important role’ in tackling climate change
Generali announces distribution deal with Portugal’s post office
Generali has reached an agreement with CTT, the Portuguese postal services group, for the distribution of life and P&C policies through the CTT Group network
Insurers’ underwriting and investment strategies influenced by ESG consideration
Insurers’ underwriting and investment strategies in the coming years will be increasingly influenced by ESG considerations, suggests a report from Fitch Ratings
Avolon taken legal action against Lloyds over Russia-Ukraine war losses
Avolon, an aircraft leasing company based in Dublin, has taken legal action against Lloyds Insurance in the Irish High court over losses linked to Russia-Ukraine war
Berkshire Hathaway reports losses related to Hurricane Ian of $3.4 bn
Berkshire Hathaway has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company’s insurance and reinsurance units fell
US P&C reinsurers’ investment allocations shiftes to more riskier assets
Given the declining investment yields of the past decade, US property and casualty reinsurers’ investment allocations during this period have shifted to more riskier assets
Insurers reserved to pay $14 bn on all types of Hurricane Ida-related claims in Louisiana
Insurers have paid or reserved to pay $13.9 billion on all types of Hurricane Ida-related claims in Louisiana
Flood insurtech Previsico decides to rollout of its IoT detection solutions
Insurtech Previsico has accelerated their UK IoT solutions rollout for flood mitigation across the UK to help minimise risk for homeowners and businesses
U.S. Auto Insurance Claims Satisfaction Study: customer satisfaction has declined
U.S. Auto Claims Satisfaction Study, customer satisfaction has declined 7 points from 2021 as they begin to lose patience with the claims process
Insurers in the Canadian market are turning to alternative capital
Aon have reported that insurers and reinsurers in the Canadian market are increasingly to turning to the alternative capital markets to navigate challenging conditions
Chubb Life Hong Kong and Aeon Credit launches partnership
Chubb Life Hong Kong and consumer credit company Aeon Credit Service have launched a new distribution partnership
Global commercial insurance prices continued to moderate
Global commercial insurance prices continued to moderate through the third quarter of 2022, with increases slowing to 6%, down from 9% in the second quarter
Uncertain future for US workers’ compensation insurance line, warn AM Best
Uncertain future for US workers’ compensation insurance line, despite the line generating solid profits.
Insurers welcome repeal EU’s Directive on Distance Marketing of Consumer Financial Services
Insurance Europe has published a set of key messages regarding the repeal of the EU’s Directive on Distance Marketing of Consumer Financial Services
Polish Motor Insurers’ Bureau: Foreign drivers cause 3% of accidents on Polish roads
In 2021, drivers of vehicles with foreign registration numbers caused 12.8 thousand accidents and collisions, according to the data of the Polish Motor Insurers’ Bureau
Ping An Insurance delivered at Q3 2022 a 20% annualized operating ROE
Ping An has announced its Q3 2022 results, saying that it saw a growth in operating profit of 3.8% during the period
Insurance industry loss for the Southern Australia Severe Storms estimates in AUD 972 mn
Catastrophe loss aggregator PERILS has disclosed its fourth and final industry loss estimate for the Southern Australia Severe Storms which occurred from October 28-30
Moody’s downgrades outlook on the UK P&C insurance sector to negative
Moody’s has downgraded its outlook on the UK P&C insurance sector from stable to negative, reflecting the adverse impact of high inflation on underwriting profitability
The scope of Hurricane Ian pushes potential insured flood losses above the median
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook
Insurance company restrictions on oil and gas are finally starting to catch up with those on coal
According to a new data report from the Insure Our Future campaign, insurance company restrictions on oil and gas are finally starting to catch up with those on coal
Suspension of Boeing’s 737 MAX fleet is one of biggest aviation insurance claims in history
The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history
Chinese general insurance market will grow to $304bn in 2026
Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026
Swiss Re estimates its preliminary claims from Hurricane Ian $1.3 bn
Global reinsurer Swiss Re estimates its preliminary claims from Hurricane Ian at approximately USD 1.3 billion, resulting in an expected Group net loss of approximately USD 0.5 billion
The insurance industry committed to the financial inclusion and fair treatment of customers
Insurance Europe has published its comments on a consultation conducted by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft statement
The Geneva Association supports institution of the UN-convened Net-Zero Asset Owner Alliance
The Geneva Association has become a supporting institution of the UN-convened Net-Zero Asset Owner Alliance (NZAOA), an alliance of institutional investors committed
UK Life Insurers are directly exposed to sovereign risk through investments
Fitch expects the UK life insurance sector’s strong business profile and capital headroom to continue to underpin ratings in the hypothetical scenario of the UK sovereign rating
AM Best maintaines its stable market segment outlook on the Japan Non-Life Insurance
AM Best has maintained its stable market segment outlook on the Japan non-life insurance segment given recent profitable underwriting performance
Hurricane Ian could lead to $50bn of insured industry losses, global insured losses of $100bn
Hurricane Ian could lead to $50bn of insured industry losses, with a likelihood of seeing global insured losses of more than $100bn in 2022
Insurance industry losses from Hurricane Ian will be $53-74 bn – RMS
Catastrophe risk modeller company, RMS, has estimated that insurance and reinsurance industry losses from Hurricane Ian will be $53-74 bn
Artificial intelligence is reshaping workforce management, changing the skills employers require and creating new responsibilities for human resources teams
US homeowners insurers recorded a $16.5 bn underwriting profit as combined ratios improved and insurance rate increases slowed in 2026
Insurance regulators in the US, UK and Japan are strengthening oversight of asset-intensive reinsurance, targeting counterparty credit risk, recapture reserve adequacy
US 30-year mortgage rates reached 7.55% as refinancing and purchase applications declined, raising monthly costs and pushing more borrowers toward ARMs