Worldwide, natural disasters in 2023 resulted in losses of around $250bn (previous year $250bn), with insured losses of $95bn (previous year $125bn). Overall losses tally with the five-year average, while insured losses were slightly below the average figure of $105bn.
Author: Annie George
Orion180 Expands Homeowners Insurance Business to Georgia, Indiana
Orion180, a leading provider of insurance solutions, announced the expansion of its homeowners insurance products to the states of Georgia and Indiana.
PartnerRe Announces the Retirement of Jacques Bonneau
PartnerRe Ltd. today announced that effective April 1, 2024, Jacques Bonneau will retire and Philippe Meyenhofer will succeed him as Chief Executive Officer and take his place on the Board of Directors.
Strong Recovery in Total Reinsurance Capital Countered by Surplus Distributions: AM Best
The global reinsurance industry demonstrated a significant recovery of prior-year capital losses in 2023, driven by strong technical results, unrealized capital gains and higher reinvestment rates, according to a new AM Best commentary.
North Carolina Rate Bureau Seeks Average 42.2% Homeowners Rate Hike
The North Carolina Rate Bureau, representing the state’s homeowners insurers, is seeking an average statewide homeowners rate increase of 42.2%, Insurance Commissioner Mike Causey’s office said.
Markel’s Wendy Houser Named Chair of the IICF International Board of Governors
The Insurance Industry Charitable Foundation (IICF), a nonprofit organization dedicated to helping communities and enriching lives, today announces that Wendy Houser, Chief Wholesale Officer at Markel Specialty, has been named Chair of IICF’s International Board of Governors.
U.S. Commercial Insurance Rates Up 4.56% in 2023: MarketScout
According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year.
The Crisis Facing Buyers of Home and Auto Insurance
For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.
Microsoft, OpenAI Hit with New Lawsuit by Authors Over AI Training
OpenAI and its financial backer Microsoft were sued on Friday in Manhattan federal court by a pair of nonfiction authors.
Private Equity’s Move Into Life Insurance, Annuity Assets Provokes Systemic-Risk Concerns
Financial authorities want to know more about whether surging private-equity investment in the insurance sector poses risks to the broader economy.