Reinsurance News
P&C insurance
Moody’s turns negative on global P&C sector
5th December 2022
Rating agency Moody’s has decided to change its outlook for global property and casualty (P&C) insurers to negative from stable, citing high claims inflation, the gradual return of claims frequencies to pre-pandemic levels, and rising reinsurance costs. With weaker economic growth and competitive pressures hindering insurers’ efforts to push through offsetting ... Read the full article
P&C underwriting results expected to be worst since 2011, says Triple-I
14th November 2022
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, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article
Generali reaches insurance distribution agreement with CTT Group in Portugal
7th November 2022
Generali’s Portuguese entity Tranquilidade has entered into a long-term agreement with CTT Group, the Portuguese postal services group, for the distribution of Life and P&C policies, with the partnership being reinforced by the acquisition of a stake in ... Read the full article
US P&C sector outlook stable despite further claims inflation, says Moody’s
15th September 2022
A recent report by Moody's affirmed that its stable outlook for the US commercial P&C insurance sector reflects strong underwriting profitability, despite slowing price increases and persistent claims inflation. Premium growth will also continue despite the economic slowdown says Moody’s, with expected real GDP growth of 1.9% in 2022 and 1.3% ... Read the full article
ICEYE enters into pilot flood scheme with If P&C Insurance
14th September 2022
ICEYE, a world-leading provider of natural catastrophe data, has launched a pilot scheme with If property & casualty (P&C) Insurance to use its Flood Insights product. The data and insights that ICEYE provides enables users to gain rapid situational awareness of any flood event globally. High resolution flood imagery is captured via ... Read the full article
Duck Creek continues to expand offerings in APAC region
26th August 2022
P&C solutions provider, Duck Creek Technologies has announced the release of the first of many planned software packages and implementation accelerators localised for the New Zealand insurance market. This release is part of the company’s continued investment and expansion in the Asia-Pacific (APAC) region. According to the announcement, Duck Creek’s local offerings ... Read the full article
Coalition acquires Digital Affect Insurance Company in “strategic” move
17th August 2022
Cyber insurance and security provider, Coalition has completed the acquisition of Digital Affect Insurance Company - a P&C insurer licensed in all 50 US states - from Munich Re Digital Partners US Holding Corporation. According to the announcement, this acquisition will allow Coalition to offer insurance policies through its own admitted ... Read the full article
Seoul flooding losses “manageable” for Korean re/insurers
12th August 2022
Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance Co. also being able to absorb the rainfall losses. Homes, roads and subway stations in the South Korean capital have been flooded as a result of record downpours, which have ... Read the full article
No quick fixes in turning around a P&C business, says JP Morgan
8th August 2022
Last week's edition of Love Actuary, by JP Morgan, suggests turnarounds in P&C take time, there is no such thing as a very quick fix. The report states that P&C can be a cynical industry, even in the most vanilla products such as Motor Insurance, concluding that turnarounds take 2 to ... Read the full article
Altamont Capital Partners provides $150m growth capital to Fleming Holdings
18th May 2022
Altamont Capital Partners, a private investment firm based in the San Francisco bay area, has acquired a majority stake and made a $150 million growth capital commitment to Fleming Holdings. The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies. Altamont Capital Partners ... Read the full article
P&C underwriting profits to improve through 2022: Fitch
7th April 2022
Analysts at Fitch Ratings believe that the property and casualty (P&C) re/insurance industry is positioned for better underwriting profits in 2022, driven by continued favourable commercial lines pricing trends and likely stabilization in personal auto business. The 2021 GAAP full-year results for a peer group of 45 North American P&C firms ... Read the full article
US P&C industry’s Q4 premium growth decelerates to 8.5%: KBW
6th April 2022
Analysts at Keefe, Bruyette & Woods (KBW), have announced that the domestic P&C insurance industry’s 4Q21 year-over-year direct written premium (DWP) growth decelerated modestly to +8.5%, from 3Q21’s +10.4%, although the strong y/y increase probably still reflects recovering exposure units and sustained economically sensitive rate increases. In a report, analysts say ... Read the full article
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