Reinsurance rates continued to soften during the April 1 renewals despite the unstable geopolitical landscape and uncertain economic outlook, according to major reinsurance brokers. “The orderly completion of the renewal, with no structural disruption, disciplined capacity and cedent-friendly pricing outcomes, …
Chubb outlined the structure of the new $20 billion maritime reinsurance facility, created to provide marine war risk insurance for ships sailing through the Strait of Hormuz — which has been effectively closed to shipping since the start of the …
Wildfires, severe convective storms and floods — also known as secondary perils — accounted for a record 92% of total global natural catastrophe insured losses of US$107 billion in 2025, according to Swiss Re Institute. Wildfires set a new loss …
The Trump administration’s $20 billion maritime reinsurance program, which aims to cover hull & machinery, as well as cargo, is designed to get ships moving through the Strait of Hormuz. But, according to Moody’s Ratings, without coverage of liability risk, …
Insurers paid £197 million (US$259.2 million) in cyber claims in 2024 for UK businesses – a 230% increase, or £138 million (US$181.6 million) more than in 2023, according to the Association of British Insurers (ABI). Malware and ransomware alone accounted …
Zurich Insurance Group is continuing to expand its middle market and specialty footprint by investing heavily this year in targeted recruitment of “top-tier underwriting talent” across the group. “In the U.S. alone, we have hired more than 100 middle market …
Convex Group Ltd., the Bermuda-based specialty insurer and reinsurer, announced a new, long-term ownership structure led by private equity firm Onex Corp., with American International Group becoming a strategic minority equity investor. Onex will acquire a 63% equity stake in …
Reinsurance underwriting remains disciplined, with terms and conditions and attachment points largely intact, despite signs of rate moderation, according to an AM Best market segment report. During the January 2023 renewals, the global reinsurance market saw a significant recalibration, which …
Excessive litigation and the abuse of U.S. legal system are effectively imposing a tax on the U.S. economy and causing a surge in liability insurance costs, according to John Doyle, president and chief executive officer of Marsh McLennan. “The U.S. …
Global growth is slowing as US tariff policy reduces trade and heightens geopolitical uncertainty, which ultimately will lead to decelerating growth in insurance premiums, according to Swiss Re. Global GDP growth (adjusted for inflation) is expected to slow to 2.3% …