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.
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.
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 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, which is releasing its finalized third quarter results on November 8, has provided a peek into the reinsurer’s quarterly performance.
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 is expecting 27,000 to 30,000 claims from hurricane Ian, driving an estimated gross loss of $1 billion.
High-net-worth Chinese people are showing increasing interest in and stronger demand for life insurance amid unsteady times, industry insiders said.
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.
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.