Industry News
U.S. P/C Industry Grew Surplus Despite Underwriting Loss in 2021
Insurance rating agency AM Best said it expects the U.S. property/casualty insurance industry to record an increase in surplus in 2021 thanks to investment income and capital gains improvements ...
Applied Underwriters to Acquire Catlin Specialty From AXA XL
Applied Underwriters has announced that it will acquire Catlin Specialty Insurance Company from the AXA XL group of companies. The move will consolidate Catlin into the North American Casualty group ...
Extreme Wildfires Expected to Increase 30% by 2050
Indonesia's peatlands, California's forests and vast swathes of Argentine wetland have all been ravaged by extreme wildfires, heralding a fiery future and the dire need to prevent it. With climate ...
Aging Oil-Storage Ships Pose Safety, Environmental Risks Around the World
The decades-old oil-storage ship that blew up off the coast of Nigeria recently — killing some of its crew and spewing its contents into the Atlantic Ocean — is one of many vessels of similar ...
Cyber Market Primed to Grow and Eclipse Property by 2040: Gallagher Re
Following a pause to stabilize the vessel, the cyber market is poised for a wave of growth that could make it larger than the property-catastrophe market by 2040, said Gallagher Re. In fact, if the ...
Travelers Acquires Tech Assets of InsurTech Trōv
Trōv, an early InsurTech that started life as a creator of micro-duration policies and evolved into an embedded insurance specialist, announced this morning that The Travelers Companies will acquire ...
Actuaries: Social Inflation Increased Commercial Auto Claim Costs by $20B Over 10 Years
The insurance industry is ringing alarm bells about the cost of social inflation again, this time with the help of an actuarial analysis that concludes the phenomenon added more than $20 billion to ...
Paying More for Experienced Hires? Be Prepared for Pay Equity Challenges
After a year when insurers couldn't hire new staff as quickly as people left their jobs, carriers are paying up to attract experienced talent—and may well need to adjust compensation for remaining ...