Lloyd’s Chief Executive Officer John Neal sees a “complex and expensive” industry loss after a container ship crashed into a Baltimore bridge, and a marine insurer has outlined the structure of the investigation into the disaster.
Tag: reinsurance
Lloyd’s Reports Outstanding 2023 Results
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announces its Full Year 2023 financial results, which demonstrate solid profitability on both the underwriting and investment sides, and a strong balance sheet.
New Record of 142 Natural Catastrophes Accumulates to $108B in Insured Losses in 2023
A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
Risk Models Behind World’s Best Hedge Fund Strategy Are Getting a Lot Harder to Crack
The best hedge fund strategy of 2023 becomes a magnet for mainstream investors, the risk models it relies on are getting a lot tougher to crack.
Insurance Giant Swiss Re Posts 580% Jump in Full-Year Profit
Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefiting from what it described as an attractive market environment after a “batch of bad years.”
Despite Heightened Risks, Casualty Reinsurance Renewals See Modest Price Changes
Reinsurers generally maintained adequate capacity for casualty programs during the January reinsurance renewal season, despite concerns about social inflation and recent reserve strengthening actions, according to a new AM Best commentary.
Higher Prices and Lower Interest Rates Are Drawing More Capital into Reinsurance
Insuring the risk of catastrophic hurricanes and earthquakes risk probably isn’t getting cheaper. But at least there might be more coverage coming to relieve the troubled insurance market.
Aon: Higher Profitability, Retro Capacity Contributed to ‘Smooth’ Jan. 1 Renewals
Jan. 1 renewals were smooth compared with the previous year as the market saw greater profitability and retrocession capacity among other positive trends, said broker Aon plc.
Guy Carpenter Sees Strong Jan. 1 Renewals as Reinsurance Capital Rose 12%
Reinsurers deployed 12% more traditional capital in the run-up to Jan. 1 renewals as the market responded well, with reinsurers maintaining pricing and underwriting discipline, according to reinsurance broker Guy Carpenter.
Everest Group CEO: Supply and Demand Gap, Pent-Up Demand to Drive Higher Prices
A sizable supply and demand gap lingers and pent-up demand from cedents continues to grow, which could result in terms and conditions remaining tight, said Everest Group President and Chief Executive Officer Juan Andrade.