Trending News & Highlights |
| Shifting lapse rates among life insurers could be reflected in the fourth-quarter earnings reports that appear over the next month, as lingering effects of the COVID-19 pandemic upend traditional market patterns and consumer behavior.
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| This year’s Jan. 1 reinsurance renewals were the most challenging in a generation as the market saw a fundamental shift in pricing and risk appetite, particularly in property catastrophe risk, according to broker Aon.
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| California’s largest home and automobile insurer, State Farm, has taken in nearly 11,800 claims from a run of severe winter storms causing widespread flooding, landslides and mudslides and heavy snowfall since late December.
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| Risk and opportunity are plenty in the California private flood insurance segment, said Christopher Graham, senior industry analyst, AM Best, referencing a new Best’s Commentary.
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| UnitedHealth Group Inc. sees big growth opportunities this year as it reported strong fourth-quarter earnings with revenue rising across its health care segments, said its chief financial officer.
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| New insurance regulators in Alabama and New Mexico and a new state executive keeping an interim commissioner on board mark a busy week in state insurance regulation.
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| Aviva plc said it is expanding to a new risk in a renewable energy portfolio that is already more than 200% the size of the fossil fuel book it exited in 2019 and noted it wants to become the largest insurer of renewable energy in the United Kingdom by 2027.
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| Collateralized loan obligations are somewhat protected in a rising interest rate environment, said AM Best Associate Director Jason Hopper and Industry Analyst Helen Andersen, referencing new research from AM Best.
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| Castlelake L.P. said it created Bermuda-based reinsurer Itasca Re Ltd. to offer insurance financing solutions to buyers and owners of commercial aircraft assets.
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| Insurance and banking executive Greg Lindberg and co-defendants in a fraud case initiated by the U.S. Securities and Exchange Commission lost their bid to end the case earlier this month in North Carolina federal court.
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| Insurtech Foxo Life Insurance Co. will be sold to Utah-based Security National Life Insurance Co., a deal announced less than a year after it went public in a special purpose acquisition company transaction, according to filings with the U.S. Securities and Exchange Commission.
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| The federal government has reported nearly 15.9 million Americans have signed up for 2023 individual market health insurance coverage through the marketplaces since the start of the 2023 Marketplace Open Enrollment Period on Nov. 1.
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| Kuvare Holdings launched Kindley Re Ltd., a Bermuda-domiciled reinsurer that will co-invest at least $400 million with Kuvare in qualifying life insurance and annuity transactions.
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| Intact Financial Corp. estimates C$143 million ($106.7 million) of pretax fourth-quarter catastrophe losses, largely incurred last month by wind in Canada and a deep freeze in the United Kingdom and Ireland.
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| Allianz Australia Insurance Ltd. has become the first carrier to join the Australian Reinsurance Pool Corp.’s Cyclone Reinsurance Pool, the ARPC said in a statement.
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Research |
As private flood insurance accounts for over 40% of California’s entire flood market—a significantly larger share than in the other leading states—the ongoing flooding issues in the state will present a good test for the private flood insurance market, according to a new AM Best commentary.
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AM Best is maintaining its stable market segment outlook on Guatemala’s insurance market, citing the country’s favorable economic dynamics and capable management.
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Many publicly traded U.S. health insurance companies continue to carry elevated debt balances, although they have taken a more cautious approach to capital raising via debt issuance in 2022 given the rising interest rate environment, according to a new AM Best special report.
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New financial reporting rules for long-duration contracts will increase transparency to investors and other users of GAAP financial statements, although the complexity of the calculations may make comparisons difficult, according to a new AM Best special report.
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