Market
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Rates up 4% in Q4 as moderation trend continued: Marsh
Average global commercial insurance rates rose by 4% in Q4 2022 as prices increased for the 21st consecutive quarter but…
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Marsh posts ‘outstanding’ 2022 result on the back of hard market
John Doyle, president and CEO of Marsh McLennan, described 2022 as an “outstanding year” for the group, which reported net…
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Gallagher expects further rate increases as it reports revenue growth
Primary insurance rates will likely increase further in 2023 as the effect of higher year-end reinsurance costs filter through to…
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Higher reinsurance costs likely to reaccelerate primary rate increases
The hardening reinsurance market at 1 January could well “reaccelerate” price increases for commercial property and specialty insurance buyers, market…
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Travelers expects ‘very strong’ pricing environment to continue
Travelers chairman and CEO Alan Schnitzer said the insurer secured significant price rises over the past two years and it…
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AXA XL reducing aviation war cover after Ukraine losses, say Reuters sources
AXA XL is reported to be reducing aviation war cover after heavy Ukraine-related losses, according to Reuters. Two underwriting and…
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The Hanover reports $190m Q4 cat loss and double-digit rate rises
The Hanover Insurance Group, parent company for more than 15 P&C insurers in the US, estimates catastrophe losses of $190m…
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Shipowners face average 5.8% rate increases under International Group of P&I Clubs renewal
The International Group of Protection & Indemnity Clubs (IG) has renewed its reinsurance programme for 2023/24 with a “small increase”…
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Airmic members say rate increases continue to slow with first signs of softening
Airmic said its latest member survey reveals continued “green shoots” for insurance buyers as rate increases slow and some risk…
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Travelers expects net income down 38% in Q4 after $459m cat loss
Travelers expects to report net income of $819m for the fourth quarter of 2022, down about 38% from the same…
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Aviva enters European, UK and US offshore wind market
Aviva has entered the offshore wind insurance market and said this is set to be a growth area for the…
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Intact suffers $106.5m Q4 cat loss
Canada’s largest P&C insurer Intact Financial has reported catastrophe losses of C$143m ($106.5m) for the fourth quarter of 2022, with…
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Trade credit insurers becoming more and more cautious, warns law firm
Trade credit insurance buyers will face more cautious insurers and less capital from underwriters this year after a series of…
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D&O rates in US fall faster than expected as capacity increases
D&O liability insurance buyers with US exposures continued to see rate decreases during 1 January renewals, fuelled by significant capacity…
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Liability rate hikes moderate in US as capacity expands
US general and excess liability insurance buyers saw largely modest price rises at year-end renewals as underwriters continued to push…
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US property insurance rates to keep surging in 2023
Commercial property insurance buyers in the US can expect further rate hikes this year due to a confluence of factors,…
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Climate change drove heavy nat cat losses of $120bn in 2022: Munich Re
Insured losses from natural disasters were “significantly” above the five-year average in 2022 at $120bn, with half coming from Hurricane…
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Beazley launches first cyber catastrophe bond
Beazley has launched the first cyber catastrophe bond, which the insurer and sponsors believe is an important first step towards…
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Shipowners face higher rates for Black Sea trade as reinsurers pull back: Reuters
The withdrawal of reinsurance capacity at 1 January renewals for ships exporting from Russia and Ukraine is adding further costs…
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US commercial insurance rates rise 5.1% in Q4: MarketScout
The composite rate for US commercial insurance was up 5.1% in the fourth quarter of 2022, according to a report…