insurance

When the rising cost of property and catastrophe reinsurance in the United States gets called out as affecting the affordability of insurance, commentators would do well to remember just how poorly US homeowners property insurance underwriters have performed.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has reported its highest ever quarterly fee income from third-party capital and insurance-linked securities (ILS) activities, as higher assets under management (AUM) and strong performance drove a 48.3% year-on-year increase.

Aon has announced the promotion of Nick Moore as its new CEO, Bermuda for the Commercial Risk Solutions division, a position that will see him tasked with increasing the uptake of alternative capital solutions for large corporate clients.

Global commercial insurance rates were flat in the second quarter of 2024, according to broker Marsh’s latest analysis and while the rate experience is mixed across the globe in property risks, in the United States it is starting to even show decreases in peak catastrophe exposed zones.

Typhoon Gaemi has intensified into a strong Category 4 equivalent storm with sustained winds of 140 mph and gusts to near 170 mph. The storm is expected to track close to the capital Taipei and will be one of the most intense to hit the eastern region of Taiwan in some years.

The latest estimate of insurance market losses in the United States after hurricane Beryl comes from the Extreme Event Solutions group at Verisk, who put US onshore wind-only losses from the hurricane at between $2 billion and $3 billion.

According to insurance and reinsurance broker Aon, global insured losses from natural disasters will come in above $58 billion for the first-half of 2024, which is well-above the 21st century average, but lower than the last three years when adjusted for current prices.

US primary insurer Allstate has reported what some analysts are calling lower than expected catastrophe losses for June 2024, with just $230 million announced pre-tax for the month. But the second-quarter 2024 total has now risen to $2.1 billion, which is a relatively heavy start for the annual aggregate year of its catastrophe bonds.

Insurance industry losses from the early June 2024 flooding that impacted southern parts of Germany are initially estimated at close to €1.6 billion by catastrophe data aggregator PERILS AG.

Insured losses from natural catastrophe events around the globe are estimated to be “at least” $61 billion, which is 25% above the decadal average and reinsurance broker Gallagher Re notes that yet again US severe convective storm (SCS) events have driven the majority.