As expected, AIG’s earnings call on Wednesday morning was dominated by commentary on pricing momentum in the carrier’s general insurance business, as management highlighted a strong commercial lines outlook after reporting solid growth in 2020 and improving underlying underwriting performance.
As The Insurer reported earlier today, UK commercial insurers and the Financial Conduct Authority (FCA) are once again disagreeing over Covid-19 losses, this time over some aspects of last month’s landmark Supreme Court judgment.
Severe convective storms were the costliest natural peril for the (re)insurance sector during 2020, with losses of around $30bn, and remain among the most challenging to model.
The proposed overhaul of European capital rules would give rise to more consistent regulation and provide a better picture of (re)insurers’ balance sheets, according to AM Best.
Shares in Lemonade rose more than 13 percent last week to lead gains among NYSE-listed carriers, in a week where Wall Street stocks hit record highs as investors weighed the prospect of increased fiscal stimulus against the possibility of higher inflation.
French reinsurer Scor led the gains in a muted week for European (re)insurance stocks as investors weighed gloomy reports on the UK economy against hopeful signs of progress towards further US stimulus measures.
One notable trait among recent earnings reports from Lloyd’s-focused carriers is for combined ratios to be significantly above 100 percent – a trend which points to a fourth successive year of underwriting losses at Lloyd’s.
Although Q4 typically only accounts for around 10 percent of reinsurance broker annual revenue, strong organic growth from Aon helped cement its position as the largest standalone firm in the sector, while Willis Re’s 22 percent showing means that the combined businesses would top $2.5bn in 2020 revenues, analysis by ...
At least five US states have introduced retroactive Covid-19-related business interruption (BI) legislation this year, joining a similar bill introduced in Texas in December, as focus among some lawmakers again turns to forcing insurers to retroactively cover losses from the pandemic.
Shares in Spanish (re)insurer Mapfre have underperformed the wider insurance sector by around 15 percent since the pandemic-induced sell-off in global equities last year and remain under pressure as the carrier’s return on capital is weighed down by its exposure to the volatile Brazilian real.