The need for new ways to insure against catastrophes arises from the increasingly extreme nature of our planet’s weather. As we put more infrastructure of every kind into harm’s way, that’s leading to bigger losses for insurers. In the 1980s, the U.S. suffered an extreme weather event that cost $1 billion every four months. Now, one is happening every three weeks, according to the U.S. National Climate Assessment, released in November.
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Commercial Insurance Rates Continue to Show an Aggregate Increase Just Above 6%
Carriers report an aggregate commercial price change that remains above 6%, specifically at 6.1%, showing a slight decrease from the rate of 6.4% in the previous quarter (Q2’23).
Cigna Drops Bid to Buy Humana, Plans $10 Billion Share Buyback
The Wall Street Journal reported earlier Sunday that Cigna is walking away from the merger talks. Humana didn’t immediately respond to requests for comment.
Insurance Hiring Up 1,500 Jobs in November; Nation Up 199,000, Says BLS
insurance companies and related industries continued their hiring ways in November, adding an unofficial 1,500 jobs to the sector, the U.S. Bureau of Labor Statistics said.
Allianz Global Corporate & Specialty Announces Leadership Change
Allianz Global Corporate & Specialty SE (AGCS) today announced leadership changes that will take effect from January 1, 2024, subject to regulatory approval.
U.S. P/C Industry Posts $32B Underwriting Loss in First Nine Months of 2023
The U.S. property/casualty (P/C) industry recorded a $32.2 billion net underwriting loss in the first nine months of 2023, $7.6 billion worse than the underwriting loss posted in the same prior-year period, according to a new AM Best report.
Cyber Attacks Cost U.S. Small Businesses Over $8,000 Annually: Hiscox
Hiscox, the international specialist insurer, reveals the median cost of cyber-attacks has decreased for U.S. small businesses from $10,000 in 2022 to $8,300 in 2023.
Dallas County Says Scammed Out of $2.4M in a Fraudulent Wire Transfer
Authorities say Dallas County was scammed out of $2.4 million in a fraudulent wire transaction. The county became aware of the fake payment Nov. 17 and immediately began an investigation, according to a statement by County Administrator Darryl Martin.
Private Equity and Investment Managers Continue to Enter Life/Annuity Market
Private equity-owned insurers increased their stake in the industry’s admitted assets in 2022 by more than 15% on a year-over-year basis, according to a new AM Best special report.
U.S. Pay Raises to Remain High in 2024: WTW Survey
U.S. employers are planning an overall average salary increase of 4.0% for 2024. That’s according to the latest Salary Budget Planning Survey by WTW, a leading global advisory, broking and solutions company.