Property
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Earthquakes put Turkey’s insurance market under further strain
Devastating earthquakes in Turkey, which are reported to have killed at least 9,000 people, serve “another blow” to the local…
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Cost of devastating Turkey earthquakes expected to top $1bn
Powerful earthquakes in Turkey, near the border with Syria, are likely to cause over $1bn in economic damages and the…
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Hard cat market risks eroding value of insurance, warns leading broker
The hard property catastrophe risk transfer market is likely to further devalue corporate insurance and raise further questions about the…
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Buyers turning to cell captives in hard market
More policyholders are establishing protected cell captives as insurance rates continue to rise, experts said during the World Captive Forum…
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AXA XL predicts ‘firm’ market with higher rates but steady capacity
AXA XL expects the commercial insurance market to firm over the coming months for most short tail risks, with rates…
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Captives an option amid challenging property insurance market
Captives can be used to combat challenging conditions in the commercial property insurance market, experts say. Deductible buydown or deductible…
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Insurance price rises slow across all major regions in Q4 with FinPro softening: Marsh
Insurance price rises moderated, or were stable, across all regions barring Latin America and the Caribbean during Q4, with financial…
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Chubb’s net income falls 38% to $5.3bn in 2022
Chubb reported a 38% drop in net income to $5.3bn for full year 2022 after Q4 was hit by further…
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European P&C insurers drive up commercial insurance pricing
European P&C insurers have driven an upward movement in commercial pricing that looks set to continue, albeit at a slower…
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WTW survey finds 69% of large hospitality firms unhappy with insurance cover
Some 69% of risk managers and CEOs from leisure and hospitality sectors worldwide say they don’t have access to the…
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New head of property and casualty at Miller
Matthew Keeping has been appointed as head of property and casualty at Miller. He will succeed Mike Papworth, who was…
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Corporate buyers face shortage of cat cover and rate hikes
Corporate insurance buyers face a shortage of catastrophe cover in 2023 after the hard reinsurance market dashed hopes of a…
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Insured nat cat losses reached $140bn last year: Gallagher Re
Insured nat cat losses hit $140bn in 2022, with $125bn falling on private insurers and the rest on public insurance…
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Rate increases accelerate in most major US commercial lines: Ivans
Most major US commercial insurance lines saw average premium renewal rate increases accelerate during Q4, according to Ivans Insurance Services.…
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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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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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Insured losses of $132bn from naturals disasters in 2022
Insured losses from natural disasters amounted to $132bn in 2022, the fifth costliest year on record for insurers, according to Aon’s…
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Major industry claims trend report from Sedgwick
Sedgwick has released its Imagine 23 report of major industry trends and issues that are going to dominate the year…
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Recent California flooding losses up to $1.5bn, says Moody’s RMS
Total US economic losses from the California flooding at the end of last year are estimated at $5bn-$7bn, with insured…