Travelers Q3 profit drops due to hurricane claims
Property and casualty (P&C) insurer Travelers Companies Inc. has reported a 20% drop in quarterly profit due to hurricane-related claims and lower returns on its investments.
UPC insurance expects $1bn hurricane Ian loss
UPC Insurance is expecting 27,000 to 30,000 claims from hurricane Ian, driving an estimated gross loss of $1 billion.
Rich Chinese show increased demand for life insurance
High-net-worth Chinese people are showing increasing interest in and stronger demand for life insurance amid unsteady times, industry insiders said.
Asian reinsurers face COVID-19, inflation and climate risk
COVID-19 pandemic-related claims are likely to linger for the remainder of this year, says Fitch Ratings. However, the global credit rating agency expects claim severity to subside as the world continues to adapt.
Asian Development Bank works with 5 global insurers in risk transfer programme
The Asian Development Bank (ADB) has signed an agreement with five leading global insurers which will mobilize up to $1bn of financing capacity to support lending to financial institutions in Asia and the Pacific.
Diversification enhances Asia Pacific reinsurers’ returns stability, cost of capital & pricing competitiveness
Major Asia-Pacific reinsurers sustained the ability to deliver stable operating and return on equity ratios in 2021, with average annual net premium growth of nearly 10% in the most recent five-year period, according to a new AM Best report.
ASIC unveils corporate plan for 2022-26
The Australian Securities and Investments Commission (ASIC) has listed its strategic priorities for the years ahead until 2026.
WTW reports on developments in cyber insurance market
WTW has released the latest cyber insurance market update, providing an overview of key developments in the cyber insurance market and analyzing the conditions for domestic and international companies using the London insurance market to transfer risk.
QBE announces half-year financial results
It’s QBE Insurance Group’s turn to reveal how it’s performing so far this year – and for group chief executive Andrew Horton, the global insurer’s financial results for the first half of 2022 are a demonstration of resilience despite a decrease in earnings.
Allianz reveals latest earnings results
Insurance giant Allianz has published its latest set of earnings results – and, while some key numbers are lower compared to 2021, group boss Oliver Bäte sees the profitable second quarter as a sign of “robust” financial performance.
Aon reveals Q2 financial results
Aon plc (Aon) has maintained strong growth momentum in 2022, as it reported an increase in profits in the second quarter. The global brokerage and risk management firm posted earnings of $501 million, a 32% spike from $379 million in the same period last year.
Beazley launches D&O product for crypto space
Specialist insurer Beazley has announced the launch of CryptoGuard, a new directors and officers liability product specifically designed for crypto markets. The product is the first of its kind in the London and US markets, Beazley said.
US reinsurance – What’s happened so far in 2022?
A group of US property and casualty reinsurers under the Reinsurance Association of America (RAA) had a total of $22.7 billion in net written premium in Q1 2022 – up 26.8% from this time last year.
How has COVID impacted the cyber sector?
The cyber insurance landscape has always had to evolve at the rapid pace of technological advancements – but the COVID-19 pandemic has created even more challenges for cyber insurers. Nadia Hoyte, national practice advisor for executive and professional risk solutions at USI Insurance, recently chatted with IB TV about the effect of the pandemic on the cyber insurance space.
Transactional risk insurance market surges
Private equity firms, corporations and strategic investors increasingly sought out transactional risk insurance last year to reduce deal risk, according to a new report by Marsh.