Trending News & Highlights |
| The directors and officers liability market began to soften in 2022 following three years of improving conditions and a further softening is evident this year, raising questions about the line’s profitability amid rising competitive pressure and dampened demand.
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| California Insurance Commissioner Ricardo Lara shared details about a state-funded $20 million pilot fund to allow certified prescribed fire practitioners to apply for liability coverage, and a bill that will accelerate the transition to clean-air technology by ensuring clean fleets have access to affordable commercial insurance.
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| The Louisiana Department of Insurance has canceled the second round of applications for participation in the property insurance incentive program.
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| New Hampshire Insurance Commissioner Christopher Nicolopoulos will not seek re-appointment to the position at the conclusion of his three-year term.
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| The South Carolina state Senate has approved the nomination of Michael Wise to be the state’s next director of the Department of Insurance.
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| Allstate Corp. incurred an estimated $799 million of pretax catastrophe losses in April, largely on wind and hail claims from two of 12 events. Current losses were partially offset by favorable reserve reestimates for prior events, the company said in a statement.
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| Athene Holdings Ltd. executives said lapses across the annuities industry amid interest-rate increases might pose a growth opportunity for the company, which is the largest U.S. writer of the contracts across classes.
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| Higher large losses led by the earthquake in Turkey led to a lower first-quarter profit for Munich Reinsurance Co. despite strong investment income and good reinsurance renewal results, according to the group’s chief financial officer.
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| Zurich Insurance Group Ltd. sees continued growth in commercial property/casualty business onstrong rates while back-book deals reposition its life insurance segment for profitability, said its chief financial officer.
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| Scor SE swung to a first-quarter profit as an ongoing hard property/casualty cycle boosts rates and renewal premiums.
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| Beazley plc hopes to start writing a standalone cyber-war product within a few months, according to Chief Executive Officer Adrian Cox.
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| Double-digit growth in its international operations led a strong first quarter for Fairfax Financial Holdings Ltd., which counts on continued growth in that area, said its chief operating officer.
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| Talanx AG posted higher first-quarter income despite a €249 million ($270.8 million) loss from the earthquake in Turkey, which accounted for nearly 60% of the group’s losses, said its chief financial officer.
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| SiriusPoint Ltd. said it acknowledges a decision by Daniel Loeb and affiliates to end discussions on a potential acquisition of the company and endorse the company’s strategy.
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| Broker Howden Group said it will unify its structure under a single global executive with insurance broking, reinsurance broking and underwriting reporting directly to Chief Executive Officer David Howden.
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| Markel Corp. is changing its name to Markel Group Inc. to reflect its evolution from a regional transportation insurer to a “global Fortune 500 family of companies and investments,” Chief Executive Officer Tom Gayner said in a statement.
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| Brian Cohen, chief executive officer, Arden Insurance Services, said the firm is experimenting with ChatGPT to address repetitive, less-engaging tasks. Cohen spoke with AM Best TV at the 2023 Mid-Year Meeting of the Target Markets Program Administrators Association.
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| William Rotatori, chairman and chief executive officer of New England Asset Management, said while insurers have always diversified investment risk in traditional ways, at the margins they look to incorporate different risks into their portfolios.
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| Citizens Property Insurance Corp. plans to remove flood insurance requirements for condominium owners in hazard zones, reflecting a revision to recent insurance reform approved by lawmakers.
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| A Louisiana bill to switch to a use-and-file insurance regulatory system is a positive step that could attract and retain carriers, but it’s not the only reason for the state’s high insurance rates, according to industry trade groups.
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| Japan Post Insurance Co. Ltd. posted a 38.2% drop in fiscal 2023 profit on higher COVID-19 claims and increased investment expenses.
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| QBE Insurance Group Ltd. incurred $480 million in net catastrophe losses in the first quarter on severe storms in New Zealand, North America and Australia, along with Cyclone Gabrielle in New Zealand, the company said in a performance update.
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| Photo by Kerry Marshall/Getty Images |
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Research |
After two years of hard market conditions, the U.S. directors and officers (D&O) insurance market stabilized toward the end of 2022, as pricing increases moderated and renewal pricing was flat on average, according to new AM Best special report.
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AM Best is maintaining its outlook for Spain’s life insurance segment at negative.
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AM Best is maintaining its outlook for Spain’s non-life insurance segment at negative.
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Competition and health care provider consolidation are complicating the medical professional liability insurance market, which has seen a modest increase in premiums, mostly from price hikes, in recent years.
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The impact on shareholders’ equity of transition to the new IFRS 17 accounting standard is considerably more pronounced for life insurers than their non-life counterparts, according to analysis from AM Best.
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As the process for replacing the London Interbank Offered Rate (LIBOR) nears its conclusion, existing contracts that do not provide for the use of a replacement benchmark rate may pose operational risks to some companies during the transition, according to a new AM Best commentary.
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Despite improved underwriting results and positive net income, the medical professional liability (MPL) insurance segment experienced negative returns and an overall decline in policyholders’ surplus due primarily to unrealized losses stemming from volatility in the capital markets, according to a new AM Best market segment report.
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