P&C losses to improve in 2023
New analysis from Fitch Ratings has predicted improved underwriting results for the US property & casualty industry in 2023.
Marsh McLennan reports Q1 2023 results
Marsh McLennan has unveiled financial results for the first quarter of 2023, reporting $5.9 billion in revenue, a 7% increase compared to the same period last year. Revenue increased 9% on an underlying basis.
US inflation reaches lowest point in almost two years
Inflation in the U.S. cooled to the lowest point in almost two years in March as year-over-year price increases reached 5 percent. The last time a reading this low happened was May 2021.
Logistics insurance market to exceed $70bn by 2030
The global logistics insurance market is predicted to hit US$70.46 billion by 2030, expanding at a compound annual growth rate of 2.8% between 2023 and 2030, according to a report by Grand View Research.
73% of organisations hit by ransomware in 2022
Seventy-three percent of organizations polled by a new study reported being hit with at least one successful ransomware attack in 2022 – and 38% said they were hit with two or more.
P&C insurers hit by record losses, shrinking net income
Property & casualty insurers in the US had a particularly challenging year in 2022, according to a report from Verisk and the American Property Casualty Insurance Association (APCIA), as the industry saw a net underwriting loss of $26.9 billion. This marks the largest underwriting loss experienced by the industry since 2011 and is six times higher than the $3.8 billion loss reported in 2021.
IMF raises growth forecasts for 2023
The International Monetary Fund (IMF) has made a slight increase to its global growth outlook for 2023, due to "surprisingly resilient" demand in the United States and Europe, easing energy costs and the reopening of China's economy after Beijing abandoned its strict COVID-19 restrictions.
Outlook for commercial lines sector
AM Best has announced that it has maintained its stable outlook for the US commercial lines segment. The rating agency noted the sector’s strong underwriting performance during the COVID-19 pandemic and amid the current economic volatility.
Commercial insurance prices rise in Q3, 2022
US commercial insurance prices rose again during the third quarter, according to new data from global broker WTW.
Global (re)insurers’ performance for 9M 2022
Despite increased loss activity in the third quarter, global (re)insurers’ combined ratios remained strong in the first nine months of 2022, according to a new report from Gallagher Re.
US P&C industry posts $24.3 billion loss for 9M 2022
A new special report from AM Best has found that the US P&C industry recorded a $24.3 billion net underwriting loss in the first nine months of 2022.
RPS, The Hartford partner on all-risk cargo coverage
Risk Placement Services (RPS) has announced the launch of a new all-risk cargo product with carrier partner The Hartford. The global cargo policy is available to quote-bind-issue in only two minutes through the RPS Small Business Platform.
Marsh McLennan shares latest financial results
Marsh McLennan has reported an 8% increase in revenue, on an underlying basis, sitting at US$4.77 billion in the third quarter of 2022. Growth was driven across all geographies, with operations outside of the US and Canada producing underlying revenue growth of 11%.
Munich Re provides insight on Q3 results
Munich Re, which is releasing its finalized third quarter results on November 8, has provided a peek into the reinsurer’s quarterly performance.
The effect of water moisture damage on containerised cargo
We have all heard stories of import cargo arriving with water or moisture damage and the Insured/Consignee complaining bitterly when their claim is denied, believing that they have paid a lot of money for insurance that is worthless.