Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
P&C claims growth to ease as inflation moderates: Swiss Re
20th March 2023
Analysts at Swiss Re have warned of continued claims severity pressures for property and casualty (P&C) re/insurers over the coming year, although the firm says that claims growth will ease slightly alongside a moderation in inflation. Swiss Re expects headline inflation to decline but stay elevated in 2023, to some extent ... Read the full article
Fleming selects Origami’s SaaS P&C core solution to enhance workers’ comp
13th March 2023
Property & casualty (P&C) solutions provider, Fleming Insurance Holdings, has selected Origami Risk’s multi-tenant SaaS P&C insurance core solution to enhance its data/analytics capabilities for its liabilities, including workers’ compensation, auto liability and general liability lines. Origami’s platform will offer Fleming a variety of different tools and functionality for data capture, ... Read the full article
US P&C industry continues to show resilience despite continual challenges: AM Best
8th March 2023
A new report from AM Best has shown that weather-related losses persisted for the US property & casualty (P/C) insurance segment in 2022, which ultimately pressured financial results in a year that also witnessed a 40-year high for inflation, and the second costliest catastrophe event on record. According to the report, ... Read the full article
Wayne Ashley to lead Chubb Tempest Re’s international P&C business
2nd March 2023
Chubb Tempest Re has appointed Wayne Ashley as Division President, Chubb Tempest Re International. The appointment, which is subject to regulatory approval, is expected to be effective on April 1, 2023. Within the role, Ashley will report to Jim Wixtead, Senior Vice President, Chubb Group and President, Chubb Tempest Re. At the same ... Read the full article
Gabriel Galanski joins AXIS Capital as Head of NA P&C programs
21st February 2023
Bermuda-based re/insurer AXIS Capital has appointed Gabriel Galanski as Head of North America property & casualty (P&C) programs. Galanski will report to John Van Decker, President of Global Financial Lines. Additionally, the role will also see him work in close partnership with the company’s Wholesale Division, led by Carlton Maner, AXIS ... Read the full article
SSRU renews P&C facilities with improved terms during challenging market
16th February 2023
Stewart Specialty Risk Underwriting (SSRU) a specialty insurance managing general agent (MGA) based in Toronto, Canada, has announced that it has been able to renew its property & casualty (P&C) facilities with improved terms, during what was described as being the most “challenging reinsurance market in history”. The MGA’s property capacity ... Read the full article
Verisk expands claims ecosystem through integration with AI firm, Tractable
9th February 2023
Tractable, an industry-leading applied AI firm is teaming with leading global data analytics provider, Verisk, to offer AI-powered estimates for property damage. By integrating with Tractable, which uses computer vision technology to visually assess damages to homes, Verisk will be able to help accelerate insurance claims processing and home repairs. Launched last ... Read the full article
Intact Financial posts net income of $2.4bn in full-year results
8th February 2023
Intact Financial Corporation a Toronto-based property and casualty (P&C) insurer, has reported a full-year net income of $2.4 billion, a 16% increase from $2.0 billion from 2021. In its Canada segment, operating direct written premiums (DWP) increased 17% for the full-year to $14 billion, from $12 billion from 2021. The firms UK&I ... Read the full article
CNA Financial sees P&C core income rise to $1.2bn in full-year results
6th February 2023
CNA Financial Corporation has reported that full-year net income totalled $894 million, compared with $1.2 billion from 2021. Core income for the full year also totalled $1.0 billion, compared to last years $1.1 billion. The firms property & casualty (P&C) core income for the full year was $1.2 billion, compared to 2021’s ... Read the full article
The Hartford sees net income decrease to $1.8bn in full-year results
3rd February 2023
Property and casualty (P&C) insurer The Hartford has reported a net income of $584 million for the fourth quarter of 2022, a 19% decrease compared to $724 million from the same period last year. According to the firm, this was primarily due to a decrease in P&C underwriting results and a ... Read the full article
P&C leverage ratios remain elevated due to capital declines: AM Best
1st February 2023
A new report from AM Best has stated that a combination of factors which includes rising interest rates, increased unrealized losses, and declines in capital, has led to leverage ratios ticking up among US property & casualty (P&C) insurers. The report, titled ‘U.S. P/C Insurers’ Leverage Ratios Remain Elevated Due to ... Read the full article
Rising claims fuel reinsurance costs for Australian P&C insurers: S&P
19th January 2023
Rising claims, resulting from increased weather-related catastrophes, are fuelling premiums and reinsurance costs for property and casualty (P&C) insurers in Australia, said S&P Global Ratings. According to a recent report by the credit rating agency, P&C insurers in the country have conservative reserving and appropriate reinsurance coverage, including protection against natural ... Read the full article
Great American announces leadership promotions within P&C Group
18th January 2023
Great American Insurance Group has announced the promotions of Brian D. DeSoto, Carrie A. Little and Richard L. Suter to the role of Divisional Group President. DeSoto joined Great American in 2008, when he started his career at the firm serving in their Corporate Claims Division. In 2010, he then joined ... Read the full article
Intact Financial estimates Q4 cat losses at $143m
13th January 2023
Intact Financial Corporation, a Toronto-based property and casualty (P&C) insurer, has announced estimated catastrophe losses for Q4 2022 of approximately $143 million, pre-tax. Cat losses in the Canadian segment were: Personal Lines $13 million, Commercial Lines $64 million. In the UK and Ireland segment, cat losses were: Personal Lines $63 million, ... Read the full article
Underwriting expenses remain stable as premiums increase: AM Best
3rd January 2023
According to a new report from AM Best, increases in US P&C insurers' underwriting expenses have been offset by commensurate increases in net premiums written, which has resulted in stable expense ratios over the past decade. The report notes that over the past decade, US P&C insurers have found controlling underwriting expenses ... Read the full article
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