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Ron DeSantis |
| | Insurance industry trade groups and others, focusing on legal reforms aimed at curbing a flood of lawsuits, are welcoming the signing of legislation in Florida to aid the state’s teetering property insurance market.
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Patrick Tiernan |
| | Lloyd’s expects the market to experience a period of heightened uncertainty and volatility for the next 18 months due to higher inflation, lower growth and a possible recession.
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Update: Nationwide Life Agrees to $5.6 Million Settlement With New York Over Annuity Conversions (Adds comment from Nationwide in the sixth and seventh paragraphs.) Nationwide Life Insurance Co. has entered into a consent order with New York’s Department of Financial Services that will see it pay a total of $5.6 million for violation of New York regulations of annuity contract conversions, the agency said.
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Brookfield Re Completes $5.1 Billion Acquisition of American National Brookfield Asset Management Reinsurance Partners Ltd. closed on its $5.1 billion acquisition of American National Group Inc.
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William Spiegel |
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Regulatory News |
John King |
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| | Florida Carriers Seek Steep, Overlapping Rate Increases
Florida homeowners insurance rates are rising more steeply and more quickly as years of underwriting losses weigh heavily on carriers battling the nation’s highest number of litigated claims, inflation, escalating reinsurance costs and more severe storms.
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Gavin Newsom |
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Asia-Pacific News |
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Industry Research |
Best’s Special Report: First-Quarter 2022 Results Show 5% Increase in U.S. Property/Casualty Industry’s Underwriting Income
The U.S. property/casualty (P/C) industry saw a 4.6% increase to $3.3 billion in net underwriting income in the first three months of 2022 over the same prior-year period, according to preliminary financial results. This financial review is detailed in a new Best’s Special Report, “First Look: Three-Month 2022 U.S. Property/Casualty Financial Results,” and the data is derived from companies’ three-month 2022 interim statutory statements that were received as of May 20, 2022, representing an estimated 95% of the total P/C industry’s net premiums written.
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Best’s Special Report: Strong Performance, New Investments Drive Growth in Insurers’ Private Equity Allocations
U.S. insurance companies’ private equity investments grew in 2021 by 25.8% to $117.4 billion, from $93.3 billion in 2020 —the biggest year-over-year increase in recent years, according to a new AM Best report.
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AM Best’s Briefing: Panelists Uncertain That Florida Legislative Session Will Produce Immediate Property Insurance Reform
Escalating losses are continuing to cause uncertainty in the Florida market and a special legislative session may not provide what’s needed to fix it, AM Best analysts and industry experts said at an analytical briefing.
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Best’s Special Report: Vertical Integration Momentum Builds as U.S. Health Insurers Seek to Expand Capabilities
U.S. health insurance companies’ focus on finding innovative ways to manage the cost of health care better while improving member health and enhancing engagement continues to drive the growth of vertical integration strategies, according to an AM Best report.
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Best’s Market Segment Report: AM Best Maintains Stable Outlook on South Korea’s Non-Life Segment
AM Best is maintaining its stable outlook on South Korea’s non-life insurance market, due to the segment’s record profitability as a result of significant improvement in automobile results and steady investment performance.
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