Chubb Ltd. saw a 9.4% rise in third-quarter net income despite a sharp rise in natural catastrophe losses. Third-quarter net income rose to $1.19 billion from $1.09 billion a year ago.
» Full Story
Affected lines include auto-related coverage—the most prevalent—as well as general liability, workers compensation, event cancelation, and inland marine.
With campaign 2020 down to a matter of days, the insurance industry has spent $72.6 million in political contributions to candidates for federal offices, hoping to have a seat at the table when issues such as expanding health coverage come up next year — regardless of who gets elected president.
Loss reserves have declined the past ten years.
Increase in covenant waivers expected as a means to avoid default.
The title insurance segment has been resilient amid the pandemic and the economic slowdown.
Aon: Nurses Could Face Additional Liability Claims From COVID-19 Care
RenaissanceRe’s Third-Quarter Net Income Up Despite Catastrophe Losses:
RenaissanceRe Holdings Ltd. posted third-quarter net income available to common shareholders of $47.8 million, compared with $36.7 million, as hurricanes, wildfires, a derecho and a typhoon led to a large underwriting ...
Date: October 27, 2020 05:46:41
Despite Higher Catastrophe Losses, Chubb Posts 9.4% Rise in Third-Quarter Net Income:
Chubb Ltd. saw a 9.4% rise in third-quarter net income despite a sharp rise in natural catastrophe losses.
Third-quarter net income rose to $1.19 billion from $1.09 billion a year ago. Property/casualty net premiums ...
Date: October 27, 2020 05:25:24
Geneva Association: Pandemics Render Business Continuity Risks Uninsurable:
The global economy is into its deepest recession since World War II due to COVID-19, and the efforts made to contain it are raising concerns about whether pandemics are insurable, said the Geneva Association.
COVID-19 is a ...
Date: October 27, 2020 05:17:54
AM Best Comments on Credit Ratings of American International Group, Subs Following Announced Life & Retirement Separation Plan:
AM Best has commented that the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG] remains unchanged following its announcement to ...
Date: October 27, 2020 04:15:16
Life/Retirement Groups Praise House Bill as Strengthening Employer-Provided Retirement Plans:
Life/retirement insurance trade groups are hailing a bill that would strengthen employer-provided retirement plans with enhanced access and features for workers, including automatic enrollment in 401(k) plans and a new ...
Date: October 27, 2020 03:53:25
Ping An Sees Third-Quarter Profit Recovery on Improved COVID-19 Conditions in China:
As China’s economy saw a third-quarter recovery amid progress in containing the COVID-19 pandemic, Ping An Insurance (Group) Company of China Ltd. said its business development “gradually resumed” through traditional ...
Date: October 27, 2020 03:43:44
Guy Carpenter Managing Director: COVID-19 Increasing Potential Cyber ‘Attack Surface’:
Working from home has increased potential cyberattack exposures, said Erica Davis, managing director and cyberrisk strategy leader, Guy Carpenter’s Cyber Center of Excellence.
View the video version of this interview at: ...
Date: October 27, 2020 02:48:24
VIG Re Board Member Steps Down:
The VIG Re board of directors said Tomasz Rowicki will resign from his function as a member of the VIG Re board of directors in order to take up a new management position within a company of Vienna Insurance Group in Poland, ...
Date: October 27, 2020 02:37:07
Centene CEO: Scale Is Cushion Against Clouds of Pandemic, Election:
Centene Corp.’s top executive said recent growth means the company has the ability to weather COVID-19-related uncertainty, as well as any potential bumps arising from the U.S. presidential election on Nov. 3.
The company ...
Date: October 27, 2020 02:18:37
AM Best to Participate in Panel Discussion at American Academy of Actuaries Annual Meeting:
AM Best Senior Industry Research Analyst George Hansen will take part in a panel discussion on the COVID-19 pandemic and its effect on the life insurance industry during American Academy of Actuaries’ annual meeting next ...
Date: October 27, 2020 01:11:21
AM Best Assigns Credit Ratings to Care West Insurance Company:
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Care West Insurance Company (Care West) (Rocklin, CA). The outlook assigned to these Credit Ratings (ratings) ...
Date: October 27, 2020 01:06:32
Tesla CEO: Company Could Build Largest US Insurer:
Tesla Chief Executive Officer Elon Musk said his company could use its technology to become the country’s largest insurer.
“Insurance could very well be 30%, 40% of the value of the car business, frankly,” Musk said ...
Date: October 27, 2020 12:21:53
Arch Insurance International Names Head of Accident & Health and Contingency:
Arch Insurance International, part of Arch Capital Group Ltd., has named Chris Rackliffe as head of accident & health and contingency. He will join the company in late 2021.
In his new role, Rackliffe will be responsible ...
Date: October 27, 2020 12:08:48
AM Best: Insurers Reach $1.4 Trillion in Private Placement Bond Holdings:
Insurers are turning to private placement bonds for higher returns, said Jason Hopper, associate director, industry research and analytics, and Brian Keleher, associate analyst, both of AM Best.
View the video version of ...
Date: October 27, 2020 11:57:41
Brown & Brown CEO: Rates Rise as Catastrophes, Market Conditions Fuel Uncertainty:
Rates continue to rise, fueled by COVID-19 and catastrophe losses, as Brown & Brown Inc. sees strong results, said the broker’s chief executive officer.
Mergers and acquisitions activity is “hot” as the broker’s deal ...
Date: October 27, 2020 11:20:01
AM Best: Low Mortgage Rates Boosting Title Insurance Premiums (AM BestTV):
In this episode of AMBestTV, Fred Eslami and David Blades, both associate directors, AM Best, discuss how U.S. title insurers are navigating through the COVID-led upheaval in the economy and the steps carriers are taking to ...
Date: October 27, 2020 10:01:28
Update: With an Eye to Industry Issues, Insurers Donate $72.6 Million to Federal Candidates:
(Adds detail to 13th paragraph.) With campaign 2020 down to a matter of days, the insurance industry has spent $72.6 million in political contributions to candidates for federal offices, hoping to have a seat at the table ...
Date: October 27, 2020 09:25:50
AM Best to Present Global, Asia-Pacific Insurance Market Review at SIRC 2020 Re-Mind:
AM Best’s Insurance Market Briefing - SIRC will explore the state of the Asia-Pacific and global (re)insurance markets on Wednesday, 4 November 2020, as part of the Singapore International Reinsurance Conference’s (SIRC) ...
Date: October 27, 2020 07:50:15
AIG to Spin Off Life and Retirement Business, Names New CEO:
American International Group Inc. said it intends to separate its life and retirement business. At the same time, the company announced a change in top leadership and estimated third-quarter catastrophe losses.
“Over the ...
Date: October 26, 2020 05:59:10
Cincinnati Financial’s Third-Quarter Net Income Rises on Securities:
Despite catastrophe losses, Cincinnati Financial Corp. nearly doubled its third-quarter net income after the insurer recognized a large increase in the fair value of equity securities.
Net income jumped to $484 million. ...
Date: October 26, 2020 05:46:04
Most RecentPress Releases