Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
US P/C rates up 5.9% in Q2: MarketScout
8th August 2022
MarketScout data shows that US property and casualty (P/C) insurance rates are stabilizing at a composite increase of 5.91% in Q2 of 2022, matching the rate increases of Q1. MarketScout found cyber rates continue to increase the most at 21.3% up from 19.7% in Q1 of 2022. Umbrella rates moderated slightly by ... Read the full article
P/C insurers in emerging markets at risk as economic recovery slows – S&P
4th August 2022
S&P Global Ratings report that persistent pressures from inflation, tightening financial conditions and slower economic growth in China and other markets are likely to cause constraints on operating conditions for property/casualty (P/C) insurers in emerging markets. Overall, ratings are stable, but some markets are seeing weakening trends. The P/C sectors in ... Read the full article
USAA appoints Randy Termeer as President, Property and Casualty Insurance
2nd August 2022
USAA has announced that Randy Termeer has been named President, Property and Casualty (P&C) Insurance. Termeer joined USAA in 2017 as Senior Vice President and General Manager of Auto Insurance. Most recently he led USAA’s acquisition of Noblr, which took place in June 2021. On top of that, he also launched USAA’s small business ... Read the full article
Net loss of $2.2mn for RLI Corp in Q2 results
21st July 2022
US property and casualty insurer RLI Corp. has reported a net loss of $2.2 million in the second quarter of 2022, compared to net earnings of $81.8 million from the same period last year. The company’s operating earnings for the quarter were $67.4 million, a major increase from the $49.9 million ... Read the full article
Renaissance Alliance promotes Bob Bondi to CEO
19th July 2022
Renaissance Alliance, a membership network that serves independent property & casualty insurance agencies, has announced the promotion of Bob Bondi to CEO from his current role as President and COO. Outgoing CEO Kevin Callahan said:, "It has been an honour to lead Renaissance. I've had a professional relationship with Bob ... Read the full article
FutureProof hires Joe Strickland as Head of Underwriting
19th July 2022
FutureProof, a climate-smart property & casualty (P&C) insurtech, has appointed Joseph Strickland as Head of Underwriting. He joins from AIG’s Lexington Specialty Insurance Agency where he served as Senior Vice President for Wholesale Property. Within that role he led regional property teams across the US. “Joe’s unique combination of Florida knowledge, deep ... Read the full article
Betterview launches new property-level analytics tool
11th July 2022
Insurtech provider Betterview has announced the launching of a new Catastrophe Response System (CAT-RS) which will help improve their catastrophe response approach and optimise the efficiency of claims processes. According to the firm, this new system will help to solve many of the greatest challenges insurers face when responding to natural ... Read the full article
US commercial rates continue stable rise over Q2, cyber rates increase the most: MarketScout
8th July 2022
Data from MarketScout shows that US commercial P&C insurance rates are stabilising at a combined increase of 5.91% in Q2 2022, virtually matching the rate increases of the previous quarter. However, cyber rates are surging upward, they have increased the most at over 21.3% from more than 19.7% in Q1 2022. In ... Read the full article
Verisk launches new service for P&C insurers
30th June 2022
Insurance and analytics provider, Verisk has announced the launching of a service that will help property and casualty insurers improve claims processing efficiencies. Customers using Verisk’s ClaimSearch solution can now access first notice of loss (FNOL) and telematics data with little or no insurer technology resources required to integrate, said Verisk ... Read the full article
Australian P&C reinsurance rates to rise: S&P
29th June 2022
Property and casualty excess reinsurance rates are likely to rise further, according to S&P Global Ratings latest report. The rating agency has recently assessed the country’s insurance sector as low risk, incorporating recent headwinds across catastrophes, claims inflations and reinsurance cost, among others. In recent years, the country has been seeing a ... Read the full article
Rising interest rates “fundamentally positive for the sector” – Berenberg
27th June 2022
Berenberg's recent speed dating event took the temperature of the insurers in attendance. Overall, they were positive about the outlook for the sector. All participants acknowledged that the macroeconomic environment is challenging at present. However, the majority remained confident about the outlook for Q2 as well as the longer ... Read the full article
Future is “here and now” – Chubb CEO Evan Greenberg
22nd June 2022
Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation. Chubb hasn't declared such a target, he added, because it can't imagine how to measure the carbon footprint of ... Read the full article
APCIA reiterates support for US Aggregation Method
21st June 2022
The International Association of Insurance Supervisors (IAIS) held its Global Seminar in Dubrovnik last week, as it prepares to expose for comment criteria for assessing whether the AM is comparable to the IAIS’ Insurance Capital Standard (ICS). At the seminar the American Property Casualty Insurance Association (APCIA) reiterated its ... Read the full article
New Florida P&C litigated claims drop 14% in a month
17th June 2022
New litigated claims have fallen 14% since April, according to a new report on Florida litigation management data trends by CaseGlide. May’s total of 4,047 is down from April’s results of 4,702 and is in contrast to a steady three-month increase that occurred between February and April. In February, litigated ... Read the full article
US P&C industry’s net incurred losses increases by 12%: AM Best
14th June 2022
According to a new AM Best report, despite witnessing a growth of more than 9% in both direct (DPW) and net premiums (NPW), US property & casualty (P&C) insurers still incurred an $3 billion underwriting loss in 2021. The underwriting loss was largely attributable to a 12.6% increase in net incurred ... Read the full article
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