The circumstances are all too familiar: a mutating virus that can spread from animals to humans, a threat amplified by a globalised world, has created what experts say is a public health emergency of international concern.
S&P Global Ratings (S&P) says in a new report that it expects rated insurers can mitigate the risk arising from the increase in natural catastrophe-related claims through underwriting actions.
Global reinsurance giant, Hannover Re, anticipates prices and conditions to remain on a sustained stable level for treaty renewals in property and casualty reinsurance as at 1 January 2025 and anticipates a balance of supply and demand in most markets.
With interest rates remaining higher for longer, Lloyd's is looking to achieve another year of strong overall earnings this year, according to Mr Tim Prince, director, analytics, at AM Best.
Aon, a leading global professional services firm, has launched its Growth Decision Framework - a consulting service that assists insurers to develop the positive traits associated with optimum performance and that enable market cycle resilience. It has been launched as insurers approach the January 2025 renewal season.
BMS Group has appointed Mr Richard Dudley as group chief broking officer, effective December 2024. In his new role, he will support the continued build-out of the London and Bermuda reinsurance platform.
Beazley's recent survey of 3,500 global business leaders has revealed that despite the growing risk landscape, only 24% of executives based in Singapore ranked cyber as their top risk this year.
Higher property values, urbanisation and rising repair costs due to inflation are expected to drive demand for property (re)insurance, especially in areas with intensifying natural catastrophe risks, said Swiss Re.
Renewals in 2024 have seen reinsurance pricing gradually decrease, partly due to an increase in alternative capital to $110bn, and with rate reductions granted by reinsurers for the best-performing risks, says Aon, a leading global professional services firm.
The insurance industry should be prepared to experience total annual insured losses, from natural catastrophes and crop, of well more than $151bn on average, says Verisk, a New Jersey-headquartered global data analytics and risk assessment company.