Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
Significant capital needed for growing property re/insurance demand to be met: Berenberg
26th June 2023
Demand for property re/insurance will keep growing; but with some carriers planning to scale back nat-cat-exposed property lines in an attempt to curtail earnings volatility, unless a significant amount of capital enters the sector, it will be hard to be met, according to Berenberg analysts. Swiss Re recently forecast that the ... Read the full article
US P&C industry sees $8.2bn net underwriting loss in Q1: AM Best
16th June 2023
The US property & casualty (P&C) witnessed an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary results. Combined ratio for the P&C industry deteriorated by 6.1 percentage points to 102.0 in Q123, compared to ... Read the full article
Florida Governor DeSantis signs new consumer protection legislation
7th June 2023
Florida Governor Ron DeSantis signed new consumer protection legislation that will “expand the state’s home hardening and hazard mitigation programs, and further protect consumers against bad actors.” DeSantis also announced the approval of an additional $100m in the 2023–24 General Appropriations Act for the My Safe Florida Home Program which provides ... Read the full article
P&C insurers upping their digital presence to attract rising surge of shoppers: J.D. Power
31st May 2023
Historic rate increases within the P&C insurance industry have “pushed” a record-high volume of shoppers into the online marketplace to seek new quotes and switch carriers. Research from J.D. Power’s 2023 US Insurance Digital Experience Study shows that insurers have been addressing the needs of those shoppers via the digital channel. According ... Read the full article
Insurity releases guide to help P&C insurers reduce time spent on event response
26th May 2023
Insurity, a provider of cloud-based software for insurance carriers, brokers, and MGAs, has released a guide aimed to help property and casualty (P&C) insurers reduce time spent on event response with intuitive and proactive data analysis. Global insured losses reached $132 billion in 2022, the fifth costliest year on record for ... Read the full article
ALIRT predicts continued growth for Risk Retention Groups
22nd May 2023
Risk Retention Groups (RRGs) have struggled to turn an underwriting profit amid strong growth over the past decade, however favourable 2022 financial results may represent a turning point, according to a recent report by ALIRT Insurance Research. The bespoke nature of the market has historically led to widely varied financial outcomes ... Read the full article
French insurers to face increased drought claims, a credit negative: Moody’s
10th May 2023
French property and casualty (P&C) insurers are currently facing credit negative increase in drought losses this year amid forecasts of prolonged warm and dry weather. On 24th April, the French meteorological service Meteo France said it saw a 50% chance of above-average temperatures in the summer of 2023. It also said ... Read the full article
Verisk partners with CCC to bring innovations to P&C insurance claims
9th May 2023
Insurance and analytics provider Verisk, and CCC Intelligent Solutions Inc. (CCC) a leading cloud platform for the property & casualty (P&C) insurance economy, have announced a strategic partnership to leverage the two providers’ market-leading technologies to bring new innovations to P&C claims. The first project that has been announced through the ... Read the full article
Global commercial insurance pricing rose 4% in Q1 2023: Marsh
28th April 2023
According to the latest Global Insurance Market Index from Marsh, global commercial insurance pricing rose 4% in the first quarter of 2023, the same as in the prior quarter. This will be the twenty-second consecutive quarter in which composite pricing rose, which continues the longest run of increases since the inception ... Read the full article
Swiss P&C insurers expected to maintain strong profitability in 2023/24: Fitch
26th April 2023
A new report from Fitch Ratings has highlighted how Swiss property & casualty (P&C) insurers will maintain their strong profitability throughout 2023 and 2024, due to disciplined pricing strategies that mitigate the effects of higher claims inflation. According to analysts, the non-life market - which includes health - average combined ratio ... Read the full article
US commercial P&C rates increase in Q1 at plus 5%: MarketScout
6th April 2023
New data released by MarketScout, a managing general agent, Lloyd’s coverholder and wholesale broker, shows that composite rate increases for commercial property and casualty rates increased in modest fashion during the first quarter of 2023 at plus 5%. According to the broker, the only coverages of notable change were general liability ... Read the full article
Everspan Group & Aurenity launch excess casualty buffer program
6th April 2023
Everspan Group, a specialty property and casualty (P&C) insurance platform, and tech-enabled MGA Aurenity, have partnered up to launch a new program to provide excess casualty buffer coverage for mid-market construction, hospitality, real estate, premises, and products risks. The new program will address the demand for buffer layer coverage between the ... Read the full article
US P&C industry records $26.5bn underwriting loss for 2022: AM Best
23rd March 2023
The US property and casualty (P&C) industry recorded a net underwriting loss of $26.5 billion in 2022, according to data from AM Best, worsening by $21.5 billion from the previous year. The rating agency’s data was compiled from companies whose 2022 annual statutory statements were received as of March 9th, which ... Read the full article
Aon to boost emerging risk insights with Lifeguard collaboration
23rd March 2023
Re/insurance broker Aon, has announced a new collaboration with science crowdsourcing organisation Lifeguard to boost emerging risk insights in the property and casualty insurance sectors through engagement with the scientific community worldwide. According to the announcement, the Aon-Lifeguard collaboration will help to reduce traditional research and development time-cycles by utilising crowdsourcing ... Read the full article
Sompo International opens new Birmingham office
22nd March 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has announced the opening of a new office in Birmingham, England. Located at The Colmore Building in the Colmore Business District, Sompo’s new office has become its first location in the UK outside of London. The insurance giant Read the full article
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