A new survey for the American Property Casualty Insurance Association (APCIA), conducted online by The Harris Poll among over 1,000 U.S. homeowners who have a homeowners insurance policy, reveals a majority of insured homeowners have not taken important steps to ensure their insurance coverage is keeping pace with rising inflation and increased building costs, which… Continue reading Survey Finds Majority of Insured Homeowners at Risk of Being Underinsured Amid High Inflation & Increased Building Costs
Author: Farkas Laura
SEC Questions Companies About Financial Impact of Russian War on Ukraine
The Securities and Exchange Commission has begun questioning publicly traded companies in the United States about how Russia’s war on Ukraine has affected their finances. On Tuesday, the regulator urged companies to provide detailed information about their exposure to Russia, Belarus, and Ukraine, ranging from business relationships to supply-chain disruptions to investments. The SEC published… Continue reading SEC Questions Companies About Financial Impact of Russian War on Ukraine
DOJ Antitrust Chief Warns S&P Global Over Insurer Ratings Tweak
The Justice Department said S&P Global Inc. should “carefully consider” a proposed change to how it evaluates the creditworthiness of bonds owned by insurance companies, warning that such a change “could raise significant concerns” under US antitrust law. In a letter dated last Friday, the Justice Department’s antitrust division stated that S&P, the world’s largest… Continue reading DOJ Antitrust Chief Warns S&P Global Over Insurer Ratings Tweak
AXA XL Reports Q1 Revenue Growth to €6.2B as Natural Catastrophe Reduction Continues
Despite a significant reduction in natural catastrophe exposure within reinsurance, AXA XL, AXA’s property and casualty (P&C) and specialty risk division, reported revenue growth of 4% to €6.2 billion in the first quarter of 2022. AXA, a French insurer and reinsurer, has now released its Q1 2022 results, which show a 1% increase in revenue… Continue reading AXA XL Reports Q1 Revenue Growth to €6.2B as Natural Catastrophe Reduction Continues
U.S. Life Insurance Premiums Exceed $200B for First Time Ever in 2021
U.S. life insurers saw their yearly direct life insurance premiums surpass $200 billion for the first time in history in 2021, according to an S&P Global Market Intelligence analysis of annual statutory statements. In aggregate, the combined group and ordinary, or individual, direct life premiums climbed 9.9% year over year to $204.7 billion in 2021.… Continue reading U.S. Life Insurance Premiums Exceed $200B for First Time Ever in 2021
Beazley Earmarks $50 Million for Likely Losses from Ukraine Conflict
After reporting a surge in quarterly gross written premiums, Beazley Plc said on Friday that it had set aside about $50 million for expected losses related to the Russia-Ukraine crisis. The British insurance industry had been recovering from large pandemic-related claims due to rising premium rates when sanctions against Russia and the devastation in Ukraine… Continue reading Beazley Earmarks $50 Million for Likely Losses from Ukraine Conflict
Professional Program Insurance Brokerage Acquires the Assets of Jones Birdsong
Professional Program Insurance Brokerage (PPIB), a division of Specialty Program Group LLC, which operates as SPG Insurance Solutions in California, announced today it has acquired the assets of Jones Birdsong LLP, a brokerage firm specializing in comprehensive insurance for the motorsport and entertainment industries. Headquartered in Chanhassen, MN, Jones Birdsong provides comprehensive insurance packages for… Continue reading Professional Program Insurance Brokerage Acquires the Assets of Jones Birdsong
Swiss Re Posts Q1 Net Loss of $248 Million
Swiss Re reported a net loss of $248 million for the first quarter of 2022, impacted by the war in Ukraine, heightened financial market volatility and the ongoing COVID-19 pandemic. Despite these headwinds, Swiss Re remains focused on achieving its financial targets for 2022. Property & Casualty Reinsurance (P&C Re) net income of USD 85… Continue reading Swiss Re Posts Q1 Net Loss of $248 Million
Rate Increases Moderate While Capacity Changes Continue in the Management and Professional Liability Markets: RPS
After two years of turmoil, the Management and Professional Liability insurance markets are cautiously optimistic in 2022, according to a new report by Risk Placement Services (RPS), the Excess & Surplus (E&S) wholesale broker and managing general agency. RPS’s 2022 Management & Professional Liability Market Outlook notes that these specialized market segments have moved beyond… Continue reading Rate Increases Moderate While Capacity Changes Continue in the Management and Professional Liability Markets: RPS
Allstate Profit Weakens as Accidents, Claim Costs Increase
Allstate Corp. reported a 61 percent drop in its closely watched adjusted net income compared to the previous year, as the auto-insurance industry in the United States grapples with rising accident volumes and sharply higher claims costs. Allstate’s first-quarter adjusted income fell to $726 million from $1.87 billion a year earlier, primarily because of the… Continue reading Allstate Profit Weakens as Accidents, Claim Costs Increase