Global commercial insurance prices rose by 9% in the second quarter of 2022, according to the Marsh Global Insurance Market Index. The pace of rate increases slowed for the sixth consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020. The second quarter was the nineteenth consecutive in which composite pricing… Continue reading Moderation in Insurance Pricing Increases Continues: Marsh
Author: Farkas Laura
CNA Financial Misses Q2 Earnings and Revenue Estimates
Chicago-based insurer CNA Financial Corporation has reported a net income of $205 million for the second quarter of 2022, after falling from $368 million from the prior year period. Quarterly earnings were $0.90 per share, missing the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $1.25 per share a year ago.… Continue reading CNA Financial Misses Q2 Earnings and Revenue Estimates
Florida Insurance Firms, Not Homeowners, Reap Benefit of $2 Billion Taxpayer-Financed Fund
Nearly five dozen Florida businesses have submitted plans to participate in a $2 billion taxpayer-funded plan to shore up the struggling property insurance industry, which would only save homeowners about 1% to 3% on annual premiums. If those companies pass those savings on to their customers, it would barely make a dent in the double-digit… Continue reading Florida Insurance Firms, Not Homeowners, Reap Benefit of $2 Billion Taxpayer-Financed Fund
Triple I: Investors Fund Lawsuits without Disclosing Their Role
Investors with no stake in a lawsuit beyond wanting to profit from its outcome are contributing to the growth of insurer legal costs and settlement payouts, according to a new report from the Insurance Information Institute (Triple-I). “Third-party litigation funding (TPLF) has devastatingly become a multi-billion-dollar global industry, turning lawsuits into investments at the expense… Continue reading Triple I: Investors Fund Lawsuits without Disclosing Their Role
Flooding in Eastern Kentury Claims 15 Lives, Destroys Homes
Gov. Andy Beshear said fifteen people were killed after flash floods in eastern Kentucky knocked out power and destroyed homes. A flood warning was in effect in the area until after midnight, according to the National Weather Service. Heavy rain and the risk of flash flooding would continue through Friday, according to the National Weather… Continue reading Flooding in Eastern Kentury Claims 15 Lives, Destroys Homes
Swiss Re Posts Smaller-than-Expected 85% Profit Drop in H1
Swiss Re reported a smaller-than-expected 85 percent drop in net profit in the first half of the year, in a period hampered by the impact of the Ukraine war and volatile markets. Meeting full-year targets, according to CEO Christian Mumenthaler, is “highly dependent” on how financial markets perform and the outcome of large claims, such… Continue reading Swiss Re Posts Smaller-than-Expected 85% Profit Drop in H1
U.S. Crop Writers Post Record-High Premium Growth on Rising Commodity Prices and Innovation
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9 billion, an increase of nearly 40% over the previous year, according to an AM Best report. The new Best’s Market Segment Report, titled, “U.S. Crop Writers Benefit From Rising Commodity Prices and Innovation,” also states that private… Continue reading U.S. Crop Writers Post Record-High Premium Growth on Rising Commodity Prices and Innovation
Paramount Settles Lawsuit with COVID-19 Insurer for ‘Mission: Impossible’ Films
Paramount has reached a tentative settlement in its lawsuit with Federal Insurance Company over claims of a breach of a $100 million COVID-19 policy agreement connected to the upcoming film “Mission: Impossible — Dead Reckoning” According to filings obtained by TheWrap, the framework for the settlement was agreed upon this past Wednesday, just ahead of… Continue reading Paramount Settles Lawsuit with COVID-19 Insurer for ‘Mission: Impossible’ Films
Securities Suit Filings Increase Slightly in First Half of 2022
Plaintiffs filed 110 new securities class action lawsuits in federal and state courts in the first half of 2022. This total was in line with the 107 cases filed in the second half of 2021, according to a report released today by Cornerstone Research and the Stanford Law School Securities Class Action Clearinghouse. The report,… Continue reading Securities Suit Filings Increase Slightly in First Half of 2022
Lloyd’s of London’s Ascot, Marsh Provide Marine Cargo Insurance for Ukraine Sea Corridor
Lloyd’s of London insurer Ascot and broker Marsh on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports on Friday, removing a barrier to getting shipments underway. Last week, Russia and Ukraine signed an agreement brokered by Turkey and the United Nations to reopen war-damaged grain… Continue reading Lloyd’s of London’s Ascot, Marsh Provide Marine Cargo Insurance for Ukraine Sea Corridor