Primary commercial auto carriers’ reinsurance use on the rise despite increasing ratesA growing number of primary commercial auto insurers are increasing their reliance on reinsurance even as pricing in that market increases in response to losses, according to McGriff.
US insurance stocks surge amid general market fallThe share prices of some of the largest US insurers surged on Wednesday as investors reacted to the start of the third quarter results season, which came against a backdrop of the US markets closing down for the day.
California’s Lara vows action against insurers that cancel wildfire-exposed coverageCalifornia’s Insurance Commissioners Ricardo Lara has vowed to take action against carriers that drop wildfire-exposed homeowners while at the same time making a renewed call for insurers to continue offering coverage in rural areas.
The changing nature of riskGuy Carpenter’s North America CEO, John Trace, regards the impact of black swan events, the necessity of product innovation, the ramifications of Covid-19 and the opportunites available for the industry to seize…
Heatwave to increase California wildfire riskWildfire-impacted regions of California face the prospect of another heat wave beginning later this week which could further influence fire growth across parts of the state.
Lockton Capital Markets names Ghosh presidentLockton’s investment and advisory arm – Lockton Capital Markets (LCM) – has named Pradip Ghosh president of its operation.
More than 3,200 structures destroyed as California wildfires continue to burnMore than 3,200 structures have now been damaged or destroyed by the wildfires which broke out in California last month following a series of lightning strikes.
Regan leaves after complaint by US female employeeQBE CEO Pat Regan is understood to have departed his role following a complaint from a female employee at the Australian insurer’s North American division.
Alleghany unit pays out $8.6mn to exotic dancer in crashA former exotic dancer that was injured in a crash with an off-duty police officer has received an $8.6mn payment from Capitol Specialty Insurance following a judgment handed down last year.
AIR estimates Hurricane Laura losses at $4-8bn; KCC estimates US impact at $8.7bnModelled estimates for industry losses from Hurricane Laura are converging on a sub-$10bn industry loss for the Category 4 storm.
Covid-19 fears and rising cost of materials to push up cost of Hurricane Laura claimsWidespread impacts from Hurricane Laura will further compound pressure on adjusting resources as the industry attempts to deal with multiple recent losses across the US.
Hurricane conditions continue to spread inland following Laura’s Category 4 landfallStorm surge is flooding much of the Louisiana coastline this morning as hurricane conditions move inland following Laura’s earlier landfall as a Category 4 storm, leaving (re)insurers to assess potentially meaningful onshore and offshore losses.
Laura makes landfall in Louisiana as strong Cat 4 hurricane with 150mph windsThe northern eyewall of Hurricane Laura is moving over Louisiana’s Cameron Parish this morning, with the storm having continued to strengthen in its approach to landfall.
Nat cat losses outweigh Covid losses for North America (re)insurers in H1First-half results for North American (re)insurers reveal a profound Covid-19 impact - with underwriting income slumping and capital levels dropping - but actual losses from the pandemic were lower than from natural catastrophe and civil unrest, reveal reports from AM Best and Fitch Ratings.
‘Formidable’ Hurricane Laura to reach Category 4 ahead of Gulf Coast landfallHurricane Laura is now forecast to rapidly strengthen to a Category 4 hurricane prior to its Gulf Coast landfall with warnings storm surge may reach 30 miles inland.
LNU Lightning Complex wildfire destroys 900+ structuresMore than 900 structures have now been destroyed by the LNU Lightning Complex, the most destructive of the fires currently impacting California.
Laura forecast track to shift west; Major hurricane landfall expectedLaura is now forecast to become the strongest storm to hit the central Gulf Coast since Hurricane Harvey made landfall in August 2017.
Marco not expected to regain hurricane strength but Laura set to intensifyA weakened Tropical Storm Marco remains on course for a Gulf Coast landfall later today, but the focus of the insurance industry is already shifting to the threat posed by Tropical Storm Laura, which is expected to be a far stronger storm by the time it reaches the US later this week.
Extreme weather helps fuel California wildfires growthMore than 3,100 structures have now been damaged or destroyed by California wildfires in 2020, with in excess of 1.4 million acres burned.
Marco downgraded overnight but Hurricane Laura to followUS Gulf Coast states will face a “prolonged period of hazardous weather” this week with two storm formations approaching the Gulf Coast over the coming days.