Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
US homeowners looking to boost profits as weather-related losses & inflation take toll, Moody’s
9th May 2024
US homeowners insurers are raising premiums and tightening policies to help offset weakening profitability from weather-related losses, as well as exposure to catastrophe-prone areas and inflation, according to a Moody's report. Firstly, it is important to note that the the profitability of the US homeowners lines has been volatile over the ... Read the full article
American Financial reports $242m net income in Q1’24 results
3rd May 2024
American Financial Group, Inc. (AFG) has reported a net income of $242 million for the first quarter of 2024, reflecting an increase from $212 million reported in Q1’23. In Q1, AFG's net earnings included after-tax non-core net realised gains on securities totaling $11 million. In contrast, the first quarter of 2023 ... Read the full article
Cincinnati Financial reports $755m net income in Q1’24 results
26th April 2024
Cincinnati Financial Corporation announced a notable surge in its first-quarter 2024 net income, reaching $755 million, a significant improvement compared to $225 million in the first quarter of 2023. This increase was primarily driven by a $484 million after-tax increase in the fair value of equity securities still held. Additionally, the company ... Read the full article
P&C underwriters sceptical of AI despite trailblazer benefits: Capgemini
19th April 2024
Findings from the recent report by the Capgemini Research Institute highlight that although 62% of insurance executives recognize the positive impact of AI/ML on underwriting quality and fraud reduction, many P&C underwriters remain sceptical about automated recommendations from predictive analytics tools. The report underscores the increasing demands from policyholders for affordability, ... Read the full article
Strong returns to persist for reinsurers amid T&C changes: JMP
16th April 2024
Analysts at JMP Securities report that while the property catastrophe reinsurance market is attracting more capital, recent significant changes in terms and conditions are expected to sustain strong returns despite anticipated minor price reductions. The firm highlights that the 2023 property reinsurance renewal experienced the most substantial shifts in pricing and ... Read the full article
Insurance economic drivers outperforming overall US GDP: Triple-I
12th April 2024
According to a recent insurance economics outlook from the Insurance Information Institute (Triple-I), the economic drivers of the US property & casualty (P&C) insurance industry are growing faster than the nation's Gross Domestic Product (GDP), and are anticipated to gain further momentum in the event of Federal Reserve monetary rate ... Read the full article
Consilium bolsters P&C division with senior hires
8th April 2024
Consilium, the global specialty re/insurance broking arm of the Aventum Group, has appointed two seasoned veterans from the property and casualty (P&C) industry to enhance expertise within this division. James Williams, an experienced broker, is one of Consilium’s key hires. He will lead the Property Insurance for the company’s Natural Resources ... Read the full article
Guidewire’s Jasper will enhance P&C commercial lines agility
4th April 2024
Guidewire, a platform provider for property and casualty (P&C) re/insurers, has announced its latest release, Jasper, designed to enhance capabilities and bolster agility in commercial lines. Jasper offers P&C insurers a flexible, cloud-based platform tailored specifically to the needs of commercial lines, facilitating quicker policy issuance and processing. Moreover, Jasper enhances risk ... Read the full article
US P&C industry records $21.2bn net underwriting loss in 2023: AM Best
25th March 2024
According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results are detailed in a recent report released by Best. From what we ... Read the full article
Ping An reveals 6.5% P&C revenue growth in 2023
21st March 2024
Chinese insurer Ping An has released its financial results for the end of 2023, revealing a steady 6.5% year on year growth in property and casualty (P&C) insurance revenue, amounting to RMB 313.458 billion. The company reported an overall combined ratio in P&C, excluding guarantee insurance, of 98.4%, an improvement from ... Read the full article
Naturally moderated P&C price momentum to persist: Goldman Sachs
20th March 2024
According to analysts at Goldman Sachs, the moderating pricing momentum in the Property and Casualty (P&C) sector has persisted in the early months of the year and is expected to continue throughout 2024. Goldman comments, “Price momentum has naturally moderated after the strong increases in 2020-21.” In 2022, there was a price ... Read the full article
Guidewire to help Encova Insurance optimise business operations
13th March 2024
As part of its digital transformation journey, property and casualty insurer Encova Insurance has selected Guidewire InsuranceSuite on Guidewire Cloud to power its core business and simplify its IT operations. Encova, a Guidewire customer since 2014, aims to migrate its InsuranceSuite from a self-managed environment onto Guidewire Cloud simultaneously for all ... Read the full article
Rating downgrades on US P&C insurers outpace upgrades in 2023: AM Best
12th March 2024
According to AM Best, credit rating downgrades on US property & casualty (P&C) insurance companies climbed to 55 in 2023, compared with 30 in 2022, given the challenging conditions in the personal lines segment. The rating agency explained that throughout 2023, P&C insurers continued to witness higher reinsurance costs, worsening economic ... Read the full article
Chubb CEO Evan Greenberg anticipates strong premium growth in P&C
12th March 2024
Evan Greenberg, CEO at Chubb, expresses confidence in the company's ability to capitalise on favourable commercial P&C underwriting conditions globally, anticipating strong premium growth. In his 2023 letter to shareholders, Greenberg highlights the growth potential in property insurance, particularly due to favourable risk-reward underwriting conditions worldwide. He states, “With the growing impact ... Read the full article
AM Best predicts surge in net investment income for US P/C sector
11th March 2024
AM Best's recent market segment report indicates a notable increase in the estimated net investment income within the US property and casualty (P/C) market, with predictions exceeding $85 billion in 2024. In 2018, the industry’s net investment income was $57 billion, showing no significant increase until 2022, when it surged to ... Read the full article
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