U.S. property and casualty insurers overall saw better underwriting results in 2023, but performance worsened in certain important business lines, according to an analysis by S&P Global Market Intelligence.
Tag: S&P Global
The World’s Largest P&C Insurers in 2023: S&P Global
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.
U.S. Private Auto Insurance Rates See Double-Digit Jump in 2023
The year-to-date nationwide average increase for private auto insurance is 11.0% through Aug. 18, 2023, according to S&P Global Market Intelligence’s RateWatch application.
Global Cyber Insurance: Reinsurance Remains Key to Growth
Cyber insurance is still the fastest-growing subsector of the global insurance market. Global cyber insurance premiums reached about $12 billion in 2022, and in S&P Global Ratings’ view, are likely to increase by an average 25%-30% per year to about $23 billion by 2025.
DOJ Antitrust Chief Warns S&P Global Over Insurer Ratings Tweak
The Justice Department said S&P Global Inc. should “carefully consider” a proposed change to how it evaluates the creditworthiness of bonds owned by insurance companies, warning that such a change “could raise significant concerns” under US antitrust law. In a letter dated last Friday, the Justice Department’s antitrust division stated that S&P, the world’s largest… Continue reading DOJ Antitrust Chief Warns S&P Global Over Insurer Ratings Tweak
Insurer M&A Activity Poised for a Breakout Year: S&P
Analysis by S&P claims that for 2021, insurance carrier merger and acquisition (M&A) activity is poised for a breakout year, with deal value potentially reaching as high as $71.65 billion in the aggregate. Deal value of this magnitude would represent an increase of 269.5% from the levels seen in 2020, and would be the third… Continue reading Insurer M&A Activity Poised for a Breakout Year: S&P