Industry News
Brokerage Giants Aon, Marsh Unite In Call for Industry Aid to Ukraine
Highlighting the existence of blanket exclusions in reinsurance contracts for risks originating in the region impacted by the ongoing Russia Ukraine conflict, Aon and Marsh McLennan are jointly ...
Hard Market ‘Supercycle’ Likely to Be Prolonged: Lloyd’s CEO Neal
Now that the market has achieved a first-half profit of £4.9 billion with a combined ratio of 83.7—its best interim results in 17 years—does this mean the hard ...
Fitch Ratings Shifts Global Re Outlook to Neutral; Pricing Past Peak
Fitch Ratings announced that it shifted its outlook on the global reinsurance sector to neutral yesterday but the downward shift came with an expectation of continued profitability—and a forecasted ...
New York City’s Biggest Taxi Insurer Is Insolvent, Risking Transit Meltdown
In an unassuming white and blue office building in Freeport, a few miles into Nassau County, sits the headquarters of American Transit Insurance Co. The 52-year-old, family-owned firm is hardly a ...
Lloyd’s Reports Best First-Half Underwriting Profit Since 2007
The Lloyd's insurance and reinsurance market reported overall profit before tax of £4.9 billion (US$6.4 billion), a 25.6 percent increase from the £3.9 billion (US$5.1 billion) reported during H1 ...
Climate Losses Batter Insurers While Reinsurers Step Back
As the planet warms and more natural disasters occur, insurers are facing an increasingly difficult time. In 2023, for the fourth year in a row, global insured catastrophe losses exceeded $100 ...
Risks Too Big for Insurers Just Fed a $200B Market Boom in Captives
As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive ...
Reconstruction Costs Continue to Rise, Verisk Report Shows
Between July 2023 and July 2024, total reconstruction costs in the United States, including materials and retail labor, increased by 5.2 percent, according to a recent report by Verisk. This is a ...
Moody’s Acquires Praedicat
Moody's Corporation announced today that it has acquired insurance analytics provider Praedicat. Moody's said the acquisition adds comprehensive casualty and liability ...