Hannover Re H1 Net Income up 18%

Hannover Re CEO on stable P&C market

German reinsurer Hannover Re on Wednesday posted a 18% rise in net income in the first half of 2023, helped by its life and health insurance unit and investment income, and it said it was confident about meeting its full-year targets.

Inflation, High Catastrophe Losses to Lead to 2023 Underwriting Loss for P&C Industry

P&C underwriting performance improves except Person Lines

The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.

WSIA: Surplus Lines Premium Continues Upward Trend During 1H 2023

Social inflation and insurance rates

Surplus lines premium reached nearly $36 billion, and premium bearing transactions neared 2.9 million through the first six months of 2023, according to the 2023 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices.

Kemper Announces Exit from Preferred Home and Auto Business

Kemper canceling preferred auto and home policies

Kemper Corporation announced on Monday that it is exiting the preferred home and auto insurance market, sold through its Kemper Personal Insurance brand, and will actively reduce the business immediately, with all policies being non-renewed or canceled in accordance with applicable state regulations.