It was 30 years ago that Hurricane Andrew, the strongest storm to make U.S. landfall in more than two decades, gouged its way across south Florida, destroying more than 25,000 homes, by some estimates, and causing more than $15 billion …
NEW ORLEANS (AP) — A state-chartered bailout fund is seeking to borrow $600 million after seven Louisiana insurers went bust following 2021’s Hurricane Ida. The New Orleans Advocate, owned by the Times Picayune, reports that the Louisiana Insurance Guaranty Association …
The United States remains the largest peak peril risk area in the global re/insurance market and accounts for the bulk of the reinsurance that’s traded. Over the past few years, though, we’ve seen more risk transfer transactions that account for …
By Wednesday morning, it was all over except for the speeches. The five-day special session on the insurance crisis turned into just three days, and without seeing adoption of a single significant modification to two bills that had been carefully …
With buyers’ needs for capacity stable and remaining within the collective appetites of reinsurers, April 1 reinsurance renewals were orderly, according to a broker report, which points to inflation discussions and sanction exclusion wording as notable highlights. “Inflation remains a …
Loss-affected lines of business, such as property catastrophe in Europe, cyber or retrocession, continued to see significant price increases during the January 2022 reinsurance renewals, while loss-free lines of business attracted additional capital, which caused prices to stay stationary or …
BERLIN (AP)–Damage wrought by Hurricane Ida in the U.S. state of Louisiana and the flash floods that hit Europe last summer helped make 2021 one of the most expensive years for natural disasters, reinsurance company Munich Re said Monday. The …
LONDON — Insured losses from natural disasters hit a 10-year high of $42 billion in the first half of 2021, with the biggest loss related to extreme cold in the United States in February, insurance broker Aon said on Wednesday. …
LONDON — Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity. A ransomware attack on Colonial Pipeline in May …
LONDON — Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two …