Moody's report drops global broking outlook to stable
20 March 2023
A new report from Moody’s Investors Service has changed its outlook on the global broking sector from positive to stable, with a mid-single-digit growth rate expected...
International
Munich Re sees impact from NZ weather disasters
20 March 2023
Reinsurer Munich Re has flagged claims impacts from the New Zealand weather disasters and the February earthquakes that hit Turkey and Syria...
Swiss Re 'satisfied' after price rises, higher retentions
20 March 2023
Swiss Re says it is satisfied with the outcome of January property & casualty reinsurance renewals, which were dominated by a “need to review pricing, wordings and structures” following a spate of natural catastrophes...
Gallagher names insurance strategic relationships chief
20 March 2023
Gallagher Re CEO James Kent will take up a new role with parent company Gallagher as CEO Global Insurance Strategic Relationships...
Challenging times, but Talanx 'pursuing goals with confidence'
20 March 2023
Talanx Group, which includes reinsurer Hannover Re and insurer HDI Global, says it’s optimistic about its prospects despite a challenging market environment and is pursuing “demanding goals for the period to 2025 with great confidence”...
'Trepidation' over semiconductor supply chain issues
20 March 2023
A joint report from Lloyd’s and WTW has identified worsening supply chains and a lack of insurance options for semiconductors as worsening risks that could significantly impact the global electronics industry...
Allianz makes changes to global commercial operations
13 March 2023
Allianz says it will operate its mid and large corporate insurance businesses under one strategy and market approach in a move to deliver more clarity and consistency for customers around the world...
Lloyd's anticipates higher underwriting earnings
13 March 2023
Lloyd’s says preliminary figures show the business is set to report improved underwriting earnings for last year, supported by price increases and organic growth...
NOAA declares end of La Nina
13 March 2023
The US-based National Oceanic and Atmospheric Administration (NOAA) says the tropical Pacific Ocean-atmosphere system has transitioned to neutral, marking the end of the most-recent La Nina event...
Loss-making US personal lines clobber P&C industry earnings
13 March 2023
Rating agency AM Best says US personal lines insurers’ earnings worsened with an estimated underwriting loss of $US34.9 billion last year after losing $US12.3 billion in 2021...
Parametric pilot targets New York City flood assistance
13 March 2023
A parametric insurance pilot program has been launched in New York City to provide rapid assistance for low-and-moderate income communities affected by flooding...
Swiss Re boosts loss protection with JP Morgan-led deal
13 March 2023
Swiss Re has closed a transaction with JP Morgan that will provide $US700 million underwriting losses protection as it looks to alternative capital innovation to extend its ability to pursue reinsurance opportunities...
Florida takes action on state insurance market crisis
06 March 2023
Florida reforms introduced in December and further proposals put forward in the first quarter suggest the state is “quite serious” about fixing fraud and legal system abuses that have inflated claims costs and caused a crisis, the Insurance Information Institute says...
Moody's highlights 'game-changer' events in catastrophe review
06 March 2023
Moody’s RMS has described 2022 as “another challenging year for the insurance industry” in its latest natural catastrophe review as losses continued to soar...
Berkshire Hathaway posts underwriting loss after motor claims rise
06 March 2023
Berkshire Hathaway has reported a $US90 million underwriting loss after its direct motor insurance division was affected by increased claims frequencies, high used cars prices and parts shortages...
UK insurers' three-year strategy centres on customer trust, society and climate
06 March 2023
The Association of British Insurers has released a three-year plan outlining how the industry intends to keep customers’ trust, invest in people and planet and support an effective functioning market...
Scor says turnaround 'imperative' after full-year loss
06 March 2023
Reinsurer Scor has reported a €301 million net loss after a sixth consecutive year marked by a high frequency of natural catastrophes and other weather-related events...
Insured losses from Turkey quakes 'could exceed $7 billion'
27 February 2023
Catastrophe modeller Moody’s RMS estimates the insurance industry will cover more than $US5 billion in losses relating to a series of earthquakes that struck Turkey and Northern Syria earlier this month...
Munich Re aims for higher profit after strong renewals
27 February 2023
Munich Re is projecting higher earnings for this year, encouraged partly by the performance of its property and casualty business and strong renewals in January...
Perils concludes loss estimate for European windstorms
27 February 2023
Zurich-based catastrophe data company Perils has released its final loss estimate for a series of windstorms that hit parts of Europe last February at €3.85 billion...