Hurricane Debby caused almost $1.4 billion in privately insured losses as it moved across the East Coast this month. That’s about half of the losses incurred in Hurricane Idalia, a stronger storm that followed a similar path almost a year …
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly due to persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best report. As a result, …
The U.S. bird-flu outbreak in dairy cattle is much larger than official figures suggest due to farmers’ reluctance to test their animals and risk the economic consequences of a positive result, according to Reuters interviews with dairy experts, veterinarians, and …
Typhoon Ampil grazed Japan’s main island of Honshu on Friday, prompting cancellations of flights and trains in the middle of the country’s peak summer holiday season. Japan Airlines Co. and All Nippon Airways Co. canceled some 90 international flights, impacting …
Hurricane Ernesto took aim at Bermuda as almost half of Puerto Rico remained without power in the storm’s wake, the island’s fragile electric grid battered by high winds. Officials declared a hurricane watch for Bermuda, saying Ernesto could strike the …
McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult. About 40% of the …
Ernst & Young (EY) and KPMG have snapped up over half of PwC’s corporate clients in China that have fled the market’s leading accounting firm as it faces a regulatory probe, filings show. Chinese authorities have been investigating PwC’s role …
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Medical Mutual Insurance Co. of Maine (MMIC). The outlook of these credit ratings is stable. …
Issuance of catastrophe bonds is on track to exceed the record set in 2023, as a cocktail of climate change, population density and inflation feeds growth in a market built around natural disasters. A fresh analysis by Swiss Re shows …
Florida property insurers considering the expanded use of binding arbitration to settle claims disputes may want to ponder a recent arbitration move by Walt Disney Parks and Resorts: An answer to a lawsuit against Disney, which has made headlines on …
