RPS launches new products for transportation risks
E&S wholesale broker and managing general agency Risk Placement Services (RPS) has announced the launch of three new transportation products for risks with one to 10 power units.
Aerospace insurance to reach new heights in next few years
A new report from Technavio revealed that the aerospace insurance market is poised for growth, with an expected increase of US$763.67 million from 2023 to 2027. During this forecast period, the market is projected to advance at a compound annual growth rate (CAGR) of 4.36%.
Risk of losing 100% GDP due to insurable disasters
A study from the University of Cambridge Institute for Sustainability Leadership (CISL), supported by risk analysis from the global insurance group Howden, indicates that the smallest and most vulnerable nations could lose more than their entire GDP due to extreme climate events in the coming year.
The FED holds interest rates steady for second time
The Federal Reserve held interest rates at a 22-year high for a second consecutive meeting, amid a backdrop of a growing economy and labor market and inflation that is still well above the central bank’s target.
J.D. Power reports auto insurance claims satisfaction
The J.D. Power 2023 US Auto Claims Satisfaction Study found that customer satisfaction with the auto insurance claims process has not waned despite longer repair times.
Personal and commercial lines rates moderate in Q3
A new report from MarketScout revealed that the composite rate for personal lines across the United States stood at 4% for the third quarter of 2023. In the same quarter, commercial insurance rates saw an increase of 3.72%, compared to 5% in the second quarter.
Peak Re publishes first-half results
Hong Kong-based global reinsurer Peak Re has released its financial results for the first half of 2023, covering the six months ending on June 30.
Interest in cartel insurance on the rise
Chaucer, a global specialty (re)insurance group, has released a report into cartel insurance, revealing a rise in the demand for coverage across Latin America following a rise in the number of high-profile incidents in the region.
Lloyd’s reveals results for half-year 2023
Lloyd’s - the world’s leading marketplace for insurance and reinsurance which was recently recognised among the top 40 global reinsurers – today posted its results for H1 2023, which was described by CEO John Neal as a “very strong” six months.
Global reinsurers reducing catastrophe coverage
Global reinsurers are reducing their coverage for medium-sized natural catastrophe risks, according to a report by Fitch Ratings.