Industry News
Insured Losses From Natural Disasters Hit $140B in 2024
Insurers saw the third most expensive year for natural catastrophe losses in 2024—reaching a total of $140 billion—as climate change "is showing its claws," according to Munich Re. Overall ...
California Wildfires Will Likely Lead to Large Economic and Insured Losses
Active wind-driven wildfires in Southern California that are estimated to have burned more than 1,000 properties and prompted evacuation orders for more than 80,000 residents will likely lead to what ...
Commercial Property Market Stabilizing, With Ample Capacity: USI
The commercial property market is showing signs of stabilization, and buyers with favorable risk profiles will see rate decreases or low-single-digit increases this year, according to USI Insurance ...
California Wildfires Declared Federal Disaster: FEMA
FEMA announced yesterday that federal disaster assistance is available to the state of California to supplement recovery efforts in the areas affected by wildfires and straight-line winds from Jan. ...
Lloyd’s CEO Neal Appointed Aon CEO of Reinsurance, Chair of Climate Solutions
Insurance broker Aon plc announced the appointment of John Neal as global CEO of Reinsurance and chairman of Climate Solutions, effective following the conclusion of Neal's notice period at Lloyd's ...
Berkshire Shareholder Seeks Committee to Oversee AI at Buffett’s Company
A Berkshire Hathaway shareholder wants a committee of independent directors to oversee risks associated with artificial intelligence at the dozens of companies in Warren Buffett's conglomerate. ...
Reinsurers in Growth Mode Brought Capacity, Flexibility to 1/1 Renewals
Reinsurance buyers generally found ample capacity during the January renewals, reinsurance brokers Aon, Gallagher Re and Howden confirmed in their renewal reports. Increased reinsurer appetites meant ...
Did Florida Appeals Court Put the Final Nail in the AOB Coffin? Maybe
Almost five years after Florida lawmakers clamped restrictions on assignment-of-benefits agreements and two years after they effectively outlawed AOBs altogether, state appeals courts may have ...