Wildfire risk ‘clearly insurable’: Swiss Re
19 June 2023
Swiss Re has invested in data and technology after an escalation in wildfire losses and says the peril is “clearly insurable,” but now makes up less of its underwriting portfolio...
International
Fire and explosion dominate marine claims
05 June 2023
Allianz Global Corporate & Specialty says fire/explosion is the most expensive cause of marine insurance claims, accounting for 18% of losses between January 1 2017 and December 31 2021...
Establishing digital trust is vital, Swiss Re says
05 June 2023
Swiss Re says it is vital that insurers build “digital trust” as access to consumer data is the key component behind risk analytics and automation capabilities...
Canada wildfire emergency spreads to eastern provinces
05 June 2023
Canada’s wildfire emergency worsened last week with homes destroyed and almost 20,000 residents evacuated in the country’s eastern province of Nova Scotia amid an active and early start to the wildfire season...
Another insurer exits California
05 June 2023
US insurer Allstate will no longer write new homeowner, condominium and commercial insurance policies in California, according to the San Francisco Chronicle and other local media outlets...
UK insurers make progress on mental health standards: ABI survey
05 June 2023
UK insurers have made progress in supporting consumers with prior or existing mental health conditions after new standards launched in 2020 setting out ways for improvements in relation to accessibility, asking appropriate questions, communications and transparency...
State Farm withdraws from California building cover
29 May 2023
State Farm General Insurance Company, one of the largest insurers in the US, has stopped accepting insurance applications from California’s homeowners due to growing risk from wildfire and other catastrophes and the rising cost of rebuilding...
Report flags inflation challenge facing industry
29 May 2023
Insurance premium income across property and casualty, life and health exceeded €5.6 trillion last year, representing a 4.9% rise from 2021, according to a new report from Allianz...
‘Near normal’ hurricane activity expected for Atlantic season
29 May 2023
Near-normal hurricane activity is expected for the Atlantic season starting Thursday as a potential El Nino and above-average ocean temperatures set the stage, the US National Oceanic and Atmospheric Administration says...
AIG to sell Validus treaty reinsurance business
29 May 2023
AIG will sell reinsurance business Validus Re to Renaissance Re in a $US2.985 billion cash and shares transaction...
Lloyd's appoints Chief Underwriting Officer
29 May 2023
Lloyd’s has appointed Rachel Turk to the new role of Chief Underwriting Officer, responsible for managing the performance of the Lloyd’s market and leading the underwriting function to support the corporation’s strategic goals...
Major insurers leave UN net zero coalition
29 May 2023
QBE and Lloyd’s have become the latest insurance groups to quit the UN-supported Net Zero Insurance Alliance as questions loom over the coalition’s future...
HDI Global Q1 insurance revenue hits $3.4 billion
29 May 2023
HDI Global says its combined ratio improved to 93.2% in the first quarter, from 96.2% a year earlier, as insurance revenue jumped to €2.1 billion, boosted by liability, and fire and engineering lines...
Canada battles wildfire threats ahead of peak season
22 May 2023
Canada is battling an early start to the wildfire season, with further blazes reported on the weekend and a number remaining out of control...
UK home premium increases ‘below inflation’: ABI
22 May 2023
New data from the Association of British Insurers’ (ABI) Home Insurance Premium Tracker shows the average price of home and contents premiums in the UK rose at a rate less than ongoing inflation within the last year...
Munich Re’s Q1 result hit by Turkey earthquake losses
22 May 2023
Munich Re says its Property & Casualty (P&C) reinsurance combined operating ratio widened to 86.5% in the first quarter, from 77% a year earlier, on higher than expected natural catastrophe losses...
First quarter rate rises drive ‘robust’ Zurich P&C growth
22 May 2023
Zurich first quarter property and casualty gross written premium (GWP) has risen 10%, excluding currency moves, following rate increases across key regions...
Talanx affirms earnings target after Q1 profit rise
22 May 2023
HDI Global parent Talanx Group says it is on track to achieve €1.4 billion ($2.2 billion) in full-year net income as previously projected after first quarter earnings rose from a year earlier...
FCA warns firms to be ready for Consumer Duty deadline
15 May 2023
The UK Financial Conduct Authority (FCA) has warned financial firms to ensure they are ready for the start of a new Consumer Duty, which introduces more stringent protections around products and services...
Chubb appoints international property and casualty president
15 May 2023
Chubb has appointed Mark Homan as Division President for its international property and casualty operations, effective from next month, and named Adam Mason as Executive Vice President, Casualty for Overseas General Insurance...