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: natural catastrophes
AM Best Revises Outlook on U.S. Homeowners Insurance Segment to Negative
Given three consecutive years of net underwriting losses in the U.S. homeowners insurance segment combined with other ongoing market challenges, AM Best has revised its outlook on the segment to negative from stable.
Record Number of Billion-Dollar Disasters Shows the Limits of America’s Defenses
The United States has suffered 23 billion-dollar disasters so far in 2023, a record for this point in the year that highlights the country’s struggle to adapt to the effects of climate change.
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.
Home Insurers Cut Natural Disasters from Policies As Climate Risks Grow
In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most.
As Wildfires Multiply, A New Era of Air Pollution
From Quebec to British Columbia to Hawaii, North America is facing an extraordinary wildfire season—and regions both near and far have found themselves increasingly blighted by smoke exposure.
Hiscox Re & ILS Segment Continues to Benefit from Hard Market in H1 2023
Hiscox Re & ILS net insurance contract written premium increased 17.9% in H1 2023 to $345.1 million, supported by robust double-digit growth in the North American natural disaster, retrocession, and marine books.
P/C Insurers Facing Hardest Market in a Generation: APCIA
The APCIA and University of South Carolina Associate Professor Robert Hartwig examine the top inflation trends, natural disaster losses and financial impacts resulting in significant pressure for property insurers, reinsurers, and consumers.
Swiss Re: Insured Losses from Natural Catastrophes Top $100B Mark in 2022
2022 was the second consecutive year in which insured losses from natural catastrophes exceeded the $100 billion mark.
Yellowstone Fires and Floods and Reframing Catastrophes
The photos and videos of rivers flooding on the north end of Yellowstone National Park last month were a powerful testament to nature’s power. The park’s northern and northeastern entrances are now closed, likely for years, and the damage has been described as devastating, catastrophic, unprecedented, extreme – pick your apocalyptic adjective. The flood was… Continue reading Yellowstone Fires and Floods and Reframing Catastrophes