Data from the Polish Chamber of Insurance said that local insurers aggregate gross written premium dropped by 0.5% year-on-year to almost 7.6 billion ($7.4 billion) in the first half of the year, mostly due to the more than 8% decline in life insurance premiums.
According to the Post Disaster Needs Assessment, total losses from the recent devastating floods in Pakistan have reached $28 billion.
Telecommunication companies in European countries, including France, Sweden and Germany, have raised concerns of mobile network connectivity disruptions this winter should the energy crisis in Europe lead to power cuts for telecom companies.
U.S.-based insurance broker Acrisure LLC has acquired U.K.-based specialist commercial insurance broker CRK Commercial Insurance Services Ltd.
Data from Indonesias Financial Services Authority said that credit insurance claims reached a staggering 5.7 trillion ($374 million) as of July 31, reflecting an 80% annual increase.
U.K.-based data analytics firm GlobalData PLC predicts that South Koreas reinsurance market will be worth 13.4 trillion South Korean ($11.9 billion) in 2026, in terms of gross written premiums, up from KRW9.6 trillion in 2021.
Derecho and windstorms that swept through southern Ontario and western Quebec in May caused over $1 billion Canadian ($735.3 million) in damage.
Australia-based telecommunications company Singtel Optus Pty Ltd. could face huge multimillion-dollar penalties over the latest ransomware attack that compromised the personal information of almost 10 million of its customers.
Australian catastrophe risk analytics company Reask Pty Ltd. and U.K.-based water risk intelligence provider Fathom have partnered to create new, combined wind and flood risk models for insurers, reinsurers, environmental, social and governance (ESG)-focused investors and banks.
Bermuda-based insurer Enstar Group Ltd. is looking to wind down its reinsurance joint venture Enhanzed Reinsurance Ltd. with insurer Allianz SE in a bid to eliminate its direct exposure to catastrophe risks.
Swiss asset manager Credit Suisse Asset Management LLC recently filed two new claims against insurers over the liquidation of its Greensill Capital-linked funds with an exposure of approximately $2.2 billion.
Reinsurance broker Guy Carpenter & Co. LLC and A.M. Best Co. Inc. forecast a 7% decrease in dedicated reinsurance capital to around $530 billion this year due to the financial market conditions and looming fears of sustained inflation and a potential recession.
Insurance industry experts said that rising global food prices and subsequent risk of political unrest threaten multinational businesses.
A study by U.S.-based fire suppression technology company Firetrace International said that there has been a steep rise in the number of solar farm fires.
U.S.-based actuarial and consulting firm Milliman Inc. has opened a new office in Bermuda to bring its insurance consulting and technology expertise to insurers and other companies in Bermuda.
Bermuda-based insurer Argo Group International Holdings Ltd. posted a net loss of nearly $19 million in the second quarter of the year as compared to a net income of $67 million in the year-ago comparable period.
Bermudian reinsurer Everest Re Group Ltd. ceded $82 million in written premiums to its collateralized reinsurance sidecar-like vehicle Mt. Logan Re Ltd. in the first half of the year, down from the $155 million in the year-ago comparable period.
Bermuda-based reinsurer PartnerRe Ltd. posted a net loss of $1.14 billion in the first half of the year due to unrealized losses on fixed maturities as a result of interest rate hikes.
Juan Andrade, president, chief executive and director of Bermudian reinsurer Everest Re Group Ltd., expects further reinsurance rate hikes during the January 2023 renewals.
Bermuda-based insurance holding company James River Group Holdings Ltd.s net income plunged almost 76% year-on-year to $5 million in the second quarter of the year.
U.S.-based fast-food chain McDonald's Corp. is winding down its insurance unit Golden Arches Insurance Ltd., which has managed McDonalds global insurance for almost 30 years.
U.K.-based Fitch Ratings Ltd. expects property catastrophe reinsurance price hikes to continue in 2023 as losses due to climate change-driven extreme weather events continue to surge.
The ever-increasing number of climate-related legal actions against companies is threatening to drive up corporate insurance costs even higher.