During Swiss Re’s press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re’s Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat.
Author: Annie George
Insurance Industry Faces Average Annual Natural Catastrophe Losses of $133B: Verisk Report
The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models.
Reinsurers Name Climate Change as the Top Risk They Face – PwC Banana Skins 2023
The ‘Reinsurance Banana Skins’ biennial research carried out by PwC and CSFI shows respondents from the reinsurance sector identifying climate change as the most significant risk they face.
P&C Insurers’ Profits to See Boost from Higher Rates, Study Shows
Non-life insurers are set to significantly improve their profitability in the next few years as investment returns from higher rates cushion a hit from a rise in claims, a report by Swiss Re Institute showed on Saturday.
Hurricane Lee is Charting a New Course in Weather, Could Signal More Monster Storms
Hurricane Lee is rewriting old rules of meteorology, leaving experts astonished at how rapidly it grew into a goliath Category 5 hurricane.
Kroger Agrees to Pay Up to $1.4B to Settle Opioid Lawsuits
In a deal announced Friday, the Kroger Co. would pay up to $1.4 billion over 11 years to settle lawsuits over the U.S. opioid crisis.
Hard Market Rates Continue with Average Premium Renewal Rates Up for Most Major Commercial Lines
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation.
Vesttoo Identifies ‘Pervasive and Systemic Misconduct’ by Limited Set of Execs and Third Parties
Insurtech Vesttoo has now filed its first interim report in the U.S. bankruptcy court for Delaware following its investigation into fraudulent letters of credit (LOC), and says that its scrutiny of the matter has identified that “pervasive and systemic misconduct was engaged in by a limited set of Vesttoo executives and other third-parties outside of Vesttoo.”
USAA Restricts Homeowners Coverage in California
Another home insurance provider will reduce future coverage in California, as other companies have done in previous months in response to costly wildfires.
Senate Committee Hears Testimony on Property Insurance Issues
From the Maui wildfires to Hurricane Idalia hitting Florida, extreme weather events have caused severe devastation to homes and businesses this summer. On Capitol Hill, consumer and affordable housing advocates sounded the the alarm Thursday on property insurance costs and availability during a Senate Banking, Housing and Urban Affairs Committee hearing. Douglas Heller, director of insurance at the Consumer Federation… Continue reading Senate Committee Hears Testimony on Property Insurance Issues