News
- US P&C insurance industry set for profitability boost in 2024: Swiss Reby Akankshita Mukhopadhyay on 22/09/2023
The US Property & Casualty (P&C) insurance industry is anticipated to transition from a challenging 2022 to a more favourable 2024, with improved profitability driven by higher premiums and increasing interest rates, as indicated by the Swiss Re Institute’s report. However, the industry […]
- Baoba Insurtech partners with Continental Assist for parametric solutions in LATAMby Kassandra Jimenez-Sanchez on 22/09/2023
Baoba Insurtech, and Continental Assist, a North America-based travel assistance company, have announced a strategic partnership that aims to promote and expand parametric insurance solutions in the Latin American market. The insurtech is a comprehensive platform for parametric insurance […]
- Summer storms across Alberta & Prairies cause over $300m in insured lossesby Jack Willard on 22/09/2023
A series of devastating storms that struck Alberta and the Prairies across the summer has resulted in over $300 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG. Of the more than $300 million […]
- NEXT Insurance’s new offering enables agents to customize coverage quotesby Jack Willard on 22/09/2023
NEXT Insurance a leading digital insurtech company has announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. According to the announcement, NEXT’s Coverage Builder represents a major leap in […]
- Energy market faces challenges amidst record losses and rising costs: Amwinsby Akankshita Mukhopadhyay on 22/09/2023
The energy market is grappling with a series of challenges, as record losses, rising costs, and global events continue to impact the sector, according to Amwins “State of the Market: A Focus on the Energy Market” report. Key factors driving these challenges include extended production cuts by […]
- New rules enable insurers in California to better balance loss costs and expenses with pricingby Kassandra Jimenez-Sanchez on 22/09/2023
As major insurance companies have pulled-back on underwriting property insurance in California, the local government has announced plans to enable insurers to better cover their loss costs and expenses within their pricing. Unlike public utilities, which are required by law to cover all consumers, […]
- Crop insurance gap exposes vulnerability to food price volatility: Swiss Reby Akankshita Mukhopadhyay on 22/09/2023
Recent years have witnessed a surge in food price inflation, with global food prices soaring by 41% in May 2021 and 34% in March 2022, primarily driven by supply shocks, according to Swiss Re Institute. The repercussions of these spikes continue to ripple through the food supply chain, affecting […]
- Arthur J. Gallagher & Co. acquires insurance broker Aceby Kassandra Jimenez-Sanchez on 22/09/2023
Arthur J. Gallagher & Co. has acquired Ace Commercial Insurance Center (Ace), a specialist insurance broker serving the trucking industry primarily in Southern California. Terms of the transaction were not disclosed. According to the announcement, Jackie Hoang, President and CFO; Anhdy Nguyen, […]