UK’s Poor Climate Planning Risks ‘Cascading Failures’: Report March 29, 2023 By Olivia Rudgard Britain is “strikingly unprepared” for a changing climate and could face disruptions to energy, food supply, transport and communications infrastructure...
Reinsurers Average 12.1% Premium Growth for Full-Year 2022: Gallagher Re March 24, 2023 Reinsurers’ premium growth averaged 12.1% for full-year 2022 and 10.2% for the fourth quarter, which was driven by improved pricing...
High Inflation Hiked P/C Claims Costs Up to 7.5% in 2022 March 24, 2023 By L.S. Howard High inflation alone led to an increase in property/casualty claims of 5-7.5%, across five key markets in 2022, according to...
U.S. P/C Industry Records $26.5 Billion Underwriting Loss in 2022 March 23, 2023 The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, $21.5 billion more than the $5...
Natural Catastrophes Cost Insurers $125 Billion in 2022: Swiss Re March 22, 2023 By L.S. Howard Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according...
‘Climate Time Bomb Ticking’, Warns UN Chief, Urging Faster Cuts to Emissions March 20, 2023 By David Stanway U.N. Secretary General Antonio Guterres warned that the “climate time bomb is ticking” as he urged rich nations on Monday...
Scratched EV Battery? Your Insurer May Be Forced to Junk the Whole Car March 20, 2023 By Nick Carey, Paul Lienert and Sarah McFarlane For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing...
Insured Losses From N. Zealand Floods Estimated at US$1.02B, With Profit Hit Expected March 15, 2023 By L.S. Howard The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion...
U.S. Commercial Rates Increased in Q4 – But at Slower Pace: WTW March 14, 2023 U.S. commercial insurance prices grew in the fourth quarter of 2022 by an average of 4.8%, down from the rate...
Glut of Plastic Polluting World’s Oceans Is Growing Fast: Research March 9, 2023 By Leslie Kaufman There are more than 170 trillion tiny plastic particles — or 2 million tons of them — floating on the...