Lloyd’s of London is to invest £52 million into racial equality causes after a report found it played a “significant role” in the transatlantic slave trade.
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Applied Underwriters Unveils United Risk, Taps Industry Leader Dan Malloy as CEO
Applied Underwriters today announced the unveiling of United Risk and the naming of former SiriusPoint CEO and industry leader Dan Malloy to head the newly consolidated enterprise.
Zurich P&C Insurance Revenue Up 9% YoY to $31.4B
In its first nine month results, Zurich Insurance Group has reported that property & casualty insurance revenue grew 9% year-on-year to $31.4 billion, driven by strong growth in commercial and retail insurance.
Inflation, High Interest Rates, and Catastrophes Contribute to 2023 Underwriting Loss for P&C Industry
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.8, in part due to severe convective storm losses being the highest in decades.
Insurance M&A Activity Declines
OPTIS Partners, which tracks insurance mergers and acquisitions, said M&A activity in the first three-quarters of 2023 is the largest decline it has ever recorded.
Beazley CEO Sees U.S. Cyber Softening; ‘Flailing Insurtechs’ Hit Digital Segment
Property insurance premiums are rising swiftly while cyber rates stagnated and the impact of “flailing insurtechs” in its digital business led Beazley plc to concentrate more deeply on property, said the Lloyd’s insurer’s chief executive officer.
Another Insurer Leaves California
Farmers Direct Property and Casualty Insurance Co. stopped issuing new policies as of Sept. 15 in the state, Director of External Communication Luis Sahagun said in an email, citing “an ongoing initiative to increase operational efficiency and mitigate risk exposure.”
Insurers Paid $676.3M in Residential Claims From Maui Fires Through Sept. 30
Insurers have paid out $676.3 million in claims for residential damage in two sites in Maui, Hawaii, related to the August wildfires, according to the office of Gov. Josh Green.
INSTANDA and Floatbot.AI Partner to Enhance Policyholder and Agent Engagement with Generative AI
INSTANDA announced today its partnership with Floatbot.AI, creator of a generative and conversational AI platform designed to enable insurers to innovate their customer journeys by building on digital portals for agents to incorporate chat, text and voice bots to further engage policyholders.
Average Commercial Lines Renewal Rates Remain Up Month Over Month
Year over year, Commercial Auto, BOP, General Liability, Commercial Property and Umbrella experienced increasing average premium renewal rates, while premium renewal rates decreased for Workers’ Compensation. All major commercial lines premium renewal rates were higher month over month.