Insured Price Tag for Natural Disasters Was $95B in 2023 With Economic Cost of $250B
Natural catastrophes in 2023 caused global economic losses of $250 billion, with insurers and reinsurers paying $95 billion of that amount, according to Munich Re.
A Return to Balance: Brokers Say Reinsurance Renewals Were ‘Stable’
This year's January reinsurance renewals were described by brokers as "stable," "predictable," "orderly," "calmer," "disciplined," with "increased appetites" and a return to supply/demand balance. ...
Loss-Impacted U.S. Programs Among Those Seeing Biggest 1/1 Prop. Cat Re Price Hikes
While the reinsurance market indeed stabilized during the January 2024 reinsurance renewals (from the chaotic January renewals of last year), buyers with loss-affected programs experienced further ...
Aon-NFP Merger a Win-Win for Middle Market Segment, Aon Says
A merger between Aon and NFP will be a win-win for both brokers, creating a company that will be greater than the sum of its parts. While those weren't the exact words ...
Parent of Key SiriusPoint Shareholder In Receivership; Ratings Impact Neutral
SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, announced that the parent company of a key shareholder has been taken into private receivership by its lenders in Singapore. CMIG ...
US DOJ Slaps Criminal Fines on UK Brokers Tysers and H.W. Wood for Bribery
The U.S. Department of Justice has slapped criminal penalties on UK reinsurance brokers Tysers Insurance Brokers Ltd. and H.W. Wood Ltd. as a result of their participation "in a corrupt scheme to pay ...
CFC Executives Walsh and Newman to Step Down After Lloyd’s Misconduct Probe
CFC, the London-based managing general agent, announced that its founder and group CEO, David Walsh, and Graeme Newman, CEO of CFC Underwriting, will be exiting the ...
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook ...
P/C Insurers Face Challenging Claims Dynamics as Frequency, Severity Rise: Swiss Re
The property/casualty insurance industry is confronting challenging claims dynamics, with rising frequency and severity of claims despite decreases in economic inflation, ...
A Turnaround Story: Boost People, Then Financial Results, Aspen CEO Says
The turnaround at Aspen Insurance Holdings—the result of a multipronged, multiyear effort—is bearing fruit with a return to consistent profits. Mark Cloutier, ...