August 15, 2024
More favorable mid-year 2024 results of U.S. personal auto insurers are likely to continue through the end of 2024 and into 2025 due to material price increases and a moderation of claims severity trends “vastly” improving the segment’s profit footing, …
August 15, 2024
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly due to persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best report. As a result, …
August 15, 2024
McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult. About 40% of the …
August 14, 2024
July saw record-breaking heat around the world, including the hottest day ever recorded and multiple national heat records. But whether it was the hottest month in history depends on who you ask. Last week, Copernicus — the EU’s climate science …
August 8, 2024
The pandemic changed where Americans are likely to live and work, with a growing portion of job openings moving away from the biggest cities and into smaller metro areas, according to a Federal Reserve Bank of New York . Job …
August 8, 2024
Global insured losses from natural catastrophes totaled US$60 billion during the first half of 2024, or 62% above the 10-year average, according to preliminary estimates from Swiss Re. Severe thunderstorms (mainly in the US) accounted for 70% of insured losses …
August 6, 2024
The US Congress passed the Coastal Barrier Resources Act in 1982 to preserve relatively undeveloped waterfront areas as natural buffer zones. At least 1.4 million acres along the Atlantic and Gulf coasts were made ineligible for the kind of federal …
August 1, 2024
Howden, the global insurance intermediary group, today announces that it has agreed to acquire the Musical Insurance book from Allianz UK and will incorporate its customer base and marketing and operations teams into Howden’s established music scheme, Lark Music. Financial …
July 31, 2024
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms. The data, which were compiled by Munich Re, …
July 29, 2024
The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss seen in the previous year and the line’s worst underwriting results since at least 2000, according to a new AM Best report. …