Reinsurance News
property and casualty
Property and casualty insurance and reinsurance news, covering the P&C sector of the global marketplace.
Material softening of the P&C Re market not expected heading into 2025: Goldman Sachs
18th September 2024
According to Goldman Sachs, the market backdrop for property & casualty (P&C) reinsurance remains favourable, following rates hardening following the impact of Hurricane Ian, and 2023 seeing the strongest subsector return on equity's (ROEs) of the past seven years. Analysts noted that P&C Re risk-adjusted rates have been stable to moderately ... Read the full article
US P&C sector’s net income skyrockets to $97.6bn in H1’24: AM Best
17th September 2024
According to AM Best, the US property & casualty (P&C) industry recorded a $3.8 billion net underwriting gain in the first six months of 2024, a major improvement from the $24 billion loss reported in the previous year. The agency stated that the turnaround in the personal lines segment was primarily ... Read the full article
Workers’ comp continues to outperform every line of business in US P&C, says AM Best
13th September 2024
According to ratings agency AM Best, the workers' compensation (WC) segment is continuing to outperform every other lines of business in the US property & casualty (P&C) sector, reinforced by ongoing declines in loss frequency and favorable reserve development. AM Best states that the workers’ compensation line has been more profitable than ... Read the full article
Moody’s revises outlook for UK P&C to stable, life remains unchanged at stable
12th September 2024
Moody's Ratings has revised its outlook for the UK property & casualty (P&C) sector to stable from negative, which the agency attributes towards P&C personal lines cover, such as motor insurance, rising sufficiently to absorb claims inflation. The agency also noted that its outlook for the UK life insurance sector remains ... Read the full article
QBE NA expands support for Blue Forest to help prevent catastrophic wildfires
11th September 2024
QBE North America, a provider of property, casualty, and specialty insurance, has extended its support to Blue Forest, a conservation finance nonprofit focused on restoring forests, protecting watersheds, and preventing catastrophic wildfires. Until November 15, 2024, QBE’s Possibilities Fund will match dollar-for-dollar, up to $200,000, any donation of $100 or more ... Read the full article
Rise in P&C demand in a volatile market draws attention at RVS’24: Swiss Re
9th September 2024
Swiss Re expects growing demand for reinsurance protection to be a key topic of discussion at the 2024 Rendez-Vous de Septembre. As it has been noted, there has been a growing demand for protection in property and specialty lines driven by elevated natural catastrophe risks, macroeconomic instability and politically charged environment Urs ... Read the full article
NFP acquires Scott Litman Insurance Agency, expanding P&C expertise in Southern California
5th September 2024
NFP, a company under Aon and a broker in property and casualty (P&C) insurance, benefits consulting, wealth management, and retirement plan advising, has announced its acquisition of Scott Litman Insurance Agency (SLIA). SLIA, based in Calabasas, California, is a P&C broker with expertise in habitational risk. Scott Litman, President of SLIA, will ... Read the full article
IAT Insurance Group to boost claims process with CLARA’s generative AI solution
2nd September 2024
IAT Insurance Group, a specialty property and casualty insurance carrier, has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to boost its auto and general liability claims process. According to the announcement, Claims DocIntel Pro has been chosen to review legal demands and medical ... Read the full article
Morningstar DBRS’ outlook for P&C reinsurance market remains positive, despite high nat cat losses
29th August 2024
Global property & casualty (P&C) reinsurers posted strong earnings with solid top-line growth in the first half of 2024, which was primarily driven by the favourable pricing environment, notably across property and specialty business, reports Morningstar DBRS. Looking ahead, the agency's outlook for the global P&C reinsurance market remains positive, despite ... Read the full article
P&C reinsurance market is reaching a new level of equilibrium, says Swiss Re CFO
23rd August 2024
The primary insurance market now understands that price increases in property and casualty (P&C) reinsurance are needed going forwards, with the market now "reaching a new level of equilibrium", according to Swiss Re's Chief Financial Officer (CFO), John Dacey. In a recent interview with CNBC International News following the release of ... Read the full article
CIAB observes softening commercial P&C market in Q2’24
20th August 2024
In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all account sizes increased by an average of 5.2% in Q2 2024, a noticeable drop from the ... Read the full article
Global reinsurers show resilience through de-risking & diversification, says AM Best
16th August 2024
On the back of de-risking and diversifying actions, global reinsurers are showing more resilience than in previous cycles, in part thanks to positive underwriting margins, higher reinvestment rates, and diversification, according to a recent AM Best report. AM Best notes that the exceptional results seen in 2023 are unlikely to ... Read the full article
Insurity Survey reveals 56% of consumers facing higher premiums due to severe weather
13th August 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has released insights from its 2024 Severe Weather P&C Consumer Pulse survey. This survey highlights consumers' concerns about their property and casualty (P&C) insurance coverage in light of increasing severe weather incidents. It reveals a rising anxiety among consumers about ... Read the full article
Heritage Insurance reports improved CoR in Q2’24 as GWP rise 7.1%
7th August 2024
Super-regional P&C insurance holding company, Heritage Insurance Holdings, Inc., has reported a year-on-year improvement in its second second quarter 2024 combined ratio to 92.5% from 95.1%, as net income more than doubled in the period. The firm's strong Q2'24 results includes gross premiums written (GPW) of $424.5 million, an increase of ... Read the full article
Chubb appoints Leander Metzger as Regional Executive Officer, Eastern Region, EMEA
2nd August 2024
Global property and casualty (P&C) insurer Chubb has appointed Leander Metzger as Regional Executive Officer, Eastern Region, for Continental Europe, Middle East & North Africa (EMEA), effective January 1st, 2025. Metzger will be based in Frankfurt and report to Peter Kelaher, Division President of Chubb Continental Europe, Middle East, and Africa. ... Read the full article
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