Swiss Re 2018 Net Profit Rises 27% Despite Spate of Natural, Man-Made Disasters

Article 0 Comments Reinsurer Swiss Re on Thursday posted a 27.2 percent jump in 2018 net profit, despite claims from large-scale natural catastrophes and man-made disasters. Net profit for the full year came in at $421 million, compared with $331 million a year ago. However, company’s net profit lagged Reuters […]

Traffic Fatalities Again Top 40,000; Few Cars on Roads Have Latest Technology

Article 1 Comments Traffic fatalities on U.S. roads reached an estimated 40,000 in 2018, the third year in a row in which at least that many people died in vehicle crashes, according to new figures from the National Safety Council. The 2018 total represents a decline of just 231 deaths […]

Insurance Department Recovered $12.8 M for Arkansans in 2018

Article 0 Comments The Arkansas Insurance Department in 2018 secured an additional $12,836,501 in recoveries and restitution for insurance consumers, Insurance Commissioner Allen Kerr announced. The Consumer Services Division (CSD) recovered $8,860,187 for consumers last year — a $6 million increase over 2017. Recoveries are dollar amounts recovered in excess […]

Zurich Insurance Reports 24% Jump in 2018 Net Income Driven by Life, P/C Units

Article 0 Comments Zurich Insurance’s reported 2018 net income after tax of $3.72 billion, a 24 percent jump from $3.0 billion it reported in 2017 – primarily driven by growth in its life business and improved underwriting in its property and casualty business. Zurich’s results “demonstrate further progress against the […]

Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims

Article 0 Comments The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus just under $600 million in Q4 2017. However, the insurer said that higher premiums earned […]

Chubb Took $500M Hit from Catastrophes in Q4 But Saw Better Pricing, Investments

Article 0 Comments In 2018 fourth quarter, global insurer Chubb saw a surge in catastrophe losses, along with growth in premium revenue, better global property/casualty pricing and record net investment income. The insurer booked $355 million in net income compared to more than $1.5 billion in net income over Q4 […]

Insurance Linked Securities Market Grows to $93B in 2018: Willis Re

Article 0 Comments Growth of the insurance linked securities (ILS) market reached $93 billion in 2018, up from $88 billion during the prior year, according to the new ILS Market Update from Willis Re, the reinsurance division of Willis Towers Watson. In the face of multiple smaller catastrophic events in […]

W.R. Berkley’s Reinsurance Results Falter

Article 0 Comments W.R. Berkley Corp. ended 2018 with a decline in net income and worsening reinsurance combined ratio due to higher catastrophe loss expenses. At the same time, insurance premiums and investment income grew. The Connecticut-based insurer and reinsurer booked more than $132.3 million in net income during the […]

Everest Re Estimates Q4 2018 Catastrophe Losses of $695 Million

Article 0 Comments Everest Re Group, Ltd. expects to incur in the fourth quarter 2018 catastrophe losses of $695 million, net of reinsurance, reinstatement premiums and taxes. The catastrophe losses were related to the fourth quarter 2018 events of Hurricane Michael which affected Florida and other states in the southeastern […]

Delaware Licensed 46 Newly Formed Captive Insurers in 2018

Article 0 Comments In 2018, Delaware licensed 46 newly formed captive insurers despite a challenging environment, according to Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the Delaware Insurance Department. “Captive insurance formations faced a number of challenges in 2018, due to recent changes in tax law,” […]