Persistently strong underwriting performance during and after the global pandemic – despite substantial economic and capital markets volatility – has prompted AM Best to maintain its “stable” outlook for the US property/casualty commercial lines segment. Premium rates for most of …
Solar farms around the world are under threat due to costly hailstorm-related claims, according to renewable energy underwriter GCube Insurance. Hail was the costliest category for insurance claims by the renewables industry in the last five years, averaging around $58.4 …
Five major global “tipping points” are in danger of being crossed at current levels of warming, a new study warns, leaving humanity at an inflection point between two potential futures. An international team of more than 200 researchers identified 26 …
The Global Carbon Project, an international collaboration of scientists, estimates that worldwide carbon dioxide emissions from burning fossil fuels will rise 1.1% this year over 2022, to 36.8 billion metric tons. That’s a new peak and 1.4% higher than the …
The U.S. personal lines insurance industry faces too many daunting challenges, leading AM Best to maintain its negative outlook. The outlook for personal lines was changed to negative in September 2022 – at first due in large part to the …
Nigerian floods last year that claimed hundreds of lives also caused up to $9 billion in damage, according to a report from the National Bureau of Statistics. The assessment, conducted in collaboration with the World Bank, placed the cost of …
While wildfires, severe storms and floods cause short-term impacts that often grab the world’s attention, a drought that stretches over seasons or even years can be easier to overlook. Yet a new UN report shows droughts are just as deadly, …
With a month to run, 2023 will reach global warming of about 1.4 degrees Celsius (2.5 Fahrenheit) above preindustrial levels, adding to “a deafening cacophony” of broken climate records, the World Meteorological Organization (WMO) said on Thursday. The WMO’s provisional …
Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best in a report. Of course, headwinds still exist …
AM Best reported a net underwriting loss of $333 million for the U.S. nonstandard auto insurance segment during the first half of 2023 — a year-over-year improvement from the $773 million loss seen in the first six months of 2022. …
