Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
Catastrophe Losses Driven Higher by Secondary Perils – And Climate Change
Sep 23 2020 // Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe...
New York Calls on Insurers to Address Climate-Related Financial Risks
Sep 22 2020 // New York State Department of Financial Services (DFS) Superintendent Linda Lacewell today implemented several new initiatives to address climate-related financial risks, calling on insurers to begin integrating these...
Insurance Advisory Organization’s Pandemic Endorsement Approved by 6 States
Sep 22 2020 // AAIS (the American Association of Insurance Services) has received approval from six state insurance departments for its health-emergency policy endorsement, clarifying coverage and cancellation provisions in the wake of...
How Insurance Industry Might Respond if a Pandemic Is an Act of Terror
Sep 21 2020 // Imagine a scenario where COVID-19 was manufactured in a lab and was released as an act of terror. Tracey Gibbons, senior vice present, Underwriting, at Third Point Re, considers this possibility during a presentation for...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 21 2020 // Even before the coronavirus crisis hit, the reinsurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
What to Expect in 2021: Reinsurance Market Moving From ‘Timid’ to ‘Hard’
Sep 18 2020 // Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a...
Insurance Development Forum Launches Insurance Program for Peruvian Schools
Sep 18 2020 // The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by international organizations, announced the launch of an insurance program for Peru’s public...
3 Reasons People Don’t Buy Homeowners’ Insurance
Sep 16 2020 // I recently learned about two separate times when families lost everything when their homes burned. These are tragic losses and thankfully, the only things that were lost were replaceable items. No one got hurt, but they...
Casualty Reinsurance Demand Rises in N. America Despite Hardening Primary Rates
Sep 16 2020 // Although there is a significant market correction taking place in the North American liability insurance market, demand for casualty reinsurance is increasing, said Chirag Shah, executive vice president, Casualty...
NHC: Tropical Storm Sally Strengthens to Hurricane
Sep 14 2020 // Update 4:00 pm EST: Louisiana and Mississippi residents were under evacuation orders on Monday as Hurricane Sally churned across the Gulf of Mexico, strengthening to a hurricane ahead of expected landfall on Tuesday, the...
NHC: Tropical Storm Sally Strengthens to Hurricane
Sep 14 2020 // Louisiana and Mississippi residents were under evacuation orders on Monday as former Tropical Storm Sally strengthened to a hurricane status and churned across the Gulf of Mexico, the U.S. National Hurricane Center...
Reinsurance Sector ‘Stable’ Despite Major Headwinds: AM Best
Sep 14 2020 // The tailwinds propelling the global reinsurance sector are sufficient impetus for the ratings agency AM Best to retain its stable outlook for the reinsurance industry, despite multiple challenges. During a virtual press...
Reinsurers Enter January Renewals, Focusing on Underwriting Discipline: Carpenter, Aon
Sep 14 2020 // Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions meet specific thresholds,...
Fitch’s Reinsurance Outlook Remains Negative, Despite Entry into Hard Market Phase
Sep 11 2020 // Fitch Ratings said yesterday its ratings outlook for companies in the global reinsurance sector will continue to remain negative as a result of hefty coronavirus claims and low interest rates. The good news for companies,...
Hurricane Irma’s ‘Last Gasp’: 3-Year Claims Deadline Put to the Test
Sep 10 2020 // It’s been 3 years since Hurricane Irma made landfall in Florida as a Category 4 storm, and the trail of damage left in its wake is still being felt across the state today, particularly by the insurance industry as it...
COVID-19 Takes Toll on Canada’s Auto, Life Insurers
Sep 10 2020 // Canada’s property/casualty insurance industry thus far has fared better than its life counterpart amid the economic and market dynamics created by the COVID-19 pandemic, according to an AM Best report. In its...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 9 2020 // Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
FAIA Chief Grady Says Goodbye, Shares Top Moments in 22-Year Career
Sep 7 2020 // Jeff Grady For 22 years, the Florida Association of Insurance Agents has been led by Jeff Grady, president and chief executive officer, who admits that when he started all those years ago he did not expect to “fall...
Cannabis Broker Spotlight: AlphaRoot’s Bock Approaches Space with Teacher Mindset
Sep 2 2020 // Editor’s note: This part of a series of profiles on cannabis brokers, in which Insurance Journal explores why and how these folks got into the business, the ups and downs of insuring cannabis, as well as a few tips...
Insurers Say They’re Having Trouble Recruiting New Employees
Sep 2 2020 // U.S. insurers want to fill existing positions or expand their staffs over the next year but say they are still having trouble recruiting, even during the COVID-19 pandemic where unemployment has skyrocketed, according to a...
