As 2023 drew near, the reinsurance market entered a challenging phase characterized by significant rate increases and a more cautious approach to risk. Reinsurance is insurance for carriers. And, when reinsurance rates fluctuate, they impact distribution channels on all sides, as seen in robust marketplaces such as the Program Business Storefront Directory.
Tag: insured losses
Insurance Industry Faces Average Annual Natural Catastrophe Losses of $133B: Verisk Report
The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models.
Senate Committee Hears Testimony on Property Insurance Issues
From the Maui wildfires to Hurricane Idalia hitting Florida, extreme weather events have caused severe devastation to homes and businesses this summer. On Capitol Hill, consumer and affordable housing advocates sounded the the alarm Thursday on property insurance costs and availability during a Senate Banking, Housing and Urban Affairs Committee hearing. Douglas Heller, director of insurance at the Consumer Federation… Continue reading Senate Committee Hears Testimony on Property Insurance Issues
Verisk Estimates Industry Insured Losses from Hurricane Idalia to Range from $2.5 Billion to $4 Billion
Verisk, a leading global data analytics and technology provider, estimates industry insured losses to onshore property for Hurricane Idalia will range from $ =2.5 billion to $4 billion.
Millions in Economic and Insured Losses Emerge after Hurricane Hilary’s Devastating Impact: Aon
In the aftermath of Hurricane Hilary’s unprecedented impact on the western United States and Mexico, the region is grappling with significant economic and insured losses that could potentially soar into the hundreds of millions of dollars, according to Aon’s latest weekly cat report.
Are We Ready for a $100 Billion Catastrophe? How About $200 Billion?
Will America dodge another bullet? Years often pass without a major hurricane making landfall, and 2023’s storm season, set to peak in a couple of weeks, may be no different. What is different is the potential financial shock if one does hit.
Insurers Face Challenges from Supply Chains, Inflation, Surging Demand for Materials Following Maui Wildfires
Following the deadly wildfires on the Hawaiian island of Maui, insurance carriers will face myriad challenges including supply chain complexities and demand surge for fire-resistant materials, according to industry observers.
Wildfires and Thunderstorms Are Throwing Insurance Market Into Turbulence
Smaller but more frequent catastrophes are a primary driver of changing rates and coverage.
Munich Re: Overall Losses for H1 2023 Estimated at $110B
While the overall losses of US$ 110bn were lower than those in the first half of 2022 (US$ 120bn), they were still well above the average for the last ten years (US$ 98bn, inflation-adjusted).
Facing Big Storm Losses, Insurers Aim to Boost Rates
A wave of severe storms that brought hail and high winds to places such as Texas and a string of states in the central U.S. in recent months is wreaking havoc on insurers’ profits.