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.