Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
2023 set to be hardest property reinsurance market in history: Argo’s Snyder
23rd December 2022
Jessica Snyder, President, US Insurance, Argo Group, suggests that there will be an unprecedented hardening of the reinsurance markets across property and casualty lines in 2023, with ceding commissions down 2-4 points and perhaps the "hardest property reinsurance market in history." Further, Snyder notes that the evolving risk landscape will persist ... Read the full article
Property casting a major shadow over re/insurance market: Lockton
20th December 2022
Insurance and reinsurance broker Lockton has released a report suggesting the property sector is casting a major shadow over the market, despite conditions in other lines remaining largely predictable. In its report, Lockton explains that the P&C insurance market was previously on a path toward stabilisation before the event of Hurricane ... Read the full article
ACORD study highlights key drivers of high performance among insurers
19th December 2022
Recent research by ACORD, the global standards-setting body for the insurance industry, highlights key drivers of high performance among top insurers, including the advantages of scale, the importance of talent and the unsustainability of relying on investment. The 2022 U.S. Property & Casualty Value Creation Study also underscored the importance of ... Read the full article
P&C industry hits speedbumps on road to digitalisation: J.D. Power
14th December 2022
Property and Casualty (P&C) insurance has encountered several obstacles on the road to the industry’s digital transformation, a recent study by J.D. Power found. According to the 2022 U.S. Claims Digital Experience Study, overall satisfaction with the digital claims process has declined for a second consecutive year as insurers struggle to ... Read the full article
US commercial P&C rates decelerate to 5%: MarketScout
14th December 2022
The latest Insurance Market Barometer from MarketScout and accompanying commentary from analysts at Keefe, Bruyette & Woods reveals that U.S. commercial property and casualty insurance (P&C) rates rose by 5% y/y, below October's +5.9%, which probably reflects both deceleration and monthly volatility. Although rate increases appear to have peaked in December ... Read the full article
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
Horace Mann reports net income of $14mn in Q3 results
4th November 2022
Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has reported a net income of $14 million for the third quarter of 2022, a 14.7% decrease from last years $16.3 million. The company’s Property & Casualty (P&C) net premiums written were slightly above last ... Read the full article
P&C re/insurers shifting to riskier assets as yields decline: AM Best
4th November 2022
Given the declining investment yields of the past decade, US property and casualty (P&C) reinsurers’ investment allocations during this period have shifted to more riskier assets such as lower-rated and private placement bonds, according to AM Best. AM Best notes that bonds remain the foundation of P&C insurers’ investment portfolios, but ... Read the full article
Unrealised losses on fixed maturities caused by rising interest rates: AM Best
19th October 2022
According to a report from AM Best, publicly traded insurers have reported more than $200bn of unrealised losses on their fixed-income portfolios through the second quarter of 2022, as rising interest rates have diminished bond values. The report states that over a quarter of publicly traded insurers have lost more than ... Read the full article
Hurricane Ian’s reinsurance losses may be within cat budgets: S&P
3rd October 2022
According to S&P Global Ratings, global reinsurers will be significantly exposed to the damage caused by Hurricane Ian in Florida, which could reach $40 billion. Despite this, analysts expect losses to remain within annual catastrophe budgets. Hurricane Ian made landfall in the Fort Myers metro area of southwest Florida on September ... Read the full article
Insurers’ climate risk management adequate for profitability implications: DBRS Morningstar
23rd September 2022
A new note from DBRS Morningstar highlights that even though there has been a number of record-breaking extreme weather events that have occurred across the world in H1 2022, the impact on the profitability of the global P&C insurance industry has been mitigated by the insurers’ response to climate change. Despite ... Read the full article
Crum & Forster launches new life insurance business unit
20th September 2022
Property & Casualty (P&C) insurer, Crum & Forster has launched a new life insurance business unit, helping to further build on the organisations 2021 acquisition of Monitor Life Insurance Company of New York. Both the acquisition and launch of a new life insurance business unit will allow the company to continue ... Read the full article
US Surplus Lines premiums rise to record $82bn in 2021, despite challenges: AM Best
7th September 2022
A new report from AM Best highlights that total US surplus lines direct premiums written rose to a record $82 billion-plus in 2021, with the largest year-over-year premium growth since 2003. This increase comes as AM Best notes that from the first quarter of 2020 , through mid-2022, US P&C companies ... Read the full article
P&C reinsurers post 13% premium growth through H1: RAA
6th September 2022
New data released by The Reinsurance Association of America (RAA) shows an increase in both profitability and net premiums for US property and casualty (P&C) reinsurers through the first half of 2022. The data, collected by RAA from 17 reinsurers globally, shows that the combined ratio for the group improved marginally ... Read the full article
Combined ratio for P&C this year ‘to worsen to 100.7’
15th August 2022
The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. This is according to the latest underwriting projections by actuaries at the Triple-I and Milliman, who said that loss pressures ... Read the full article
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