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While attritional losses were up for the quarter, those in the carrier’s core business declined. -
The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market.
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Shared and layered accounts are seen as reaping the biggest benefits.
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Growth concerns were top of mind at this year’s conference.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Whether in property or casualty, areas of the market will be profitable even with new entrants, the executive said.
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Following the Golden Age of Specialty, franchise quality will play a bigger role in determining success.
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The MGU is entering the often-difficult habitational GL space with an initial E&S offering.
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A survey from PwC described the sector as “stable”, “evolving” and “dynamic”.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company also encouraged insurers and brokers to support the initiative.
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Rate gains are easing across many commercial and personal lines.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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Few claims have been filed thus far, as damages have been highly localized.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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They cover environment, political violence, equipment and cannabis.
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The MGA market now makes up 10% of the overall P&C market.
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The program is designed to address a changing risk environment.
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Secondary perils are no longer so secondary, but the losses are already priced in for commercial property.
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Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
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The program will offer liability coverage up to $5mn per occurrence.
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After seven years of premium rate growth, rates are down 5% to 40% across the US.
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The coverage will only be available in Illinois and Michigan at first.
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The program is being launched through subsidiary Southern Marine.
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The 12 insurers together have $418mn in policyholder surplus.
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Colorado State University is predicting 17 named storms, nine hurricanes and four major hurricanes.
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The costs of accident/casualty-related claims continue to rise.
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The Georgia verdict is one of many legal battles over Monsanto’s herbicide.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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Casualty reserve concerns continue to mount as releases remain elevated.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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