Markel introduces affirmative cyber war cover
Markel Insurance, a unit of Markel Group Inc., Tuesday announced the launch of affirmative cyber coverage of up to $5 million per risk for indirect losses arising from an act of war.
Workers compensation line remains successful despite rising costs: NCCI
The workers compensation industry continues to log financial success, with a combined ratio of 86% for 2024 and increases in payroll that have steadily offset any loss costs, according to a state of the line industry report presented Tuesday at the National Council on Compensation Insurance’s Annual Insights Symposium.
Zurich names former Chubb exec to lead US middle-market underwriting
Zurich North America announced Monday it has named former Chubb Ltd. casualty executive Bennett Himes as head of underwriting for U.S. Middle Market.
Jury awards $405,083 to veteran in discrimination suit
A federal jury unanimously awarded $405,083 to a veteran who suffers from post-traumatic stress disorder in an employment disability discrimination lawsuit against a senior living facility in St. Petersburg, Florida, the U.S. Equal Employment Opportunity Commission announced Monday.
Specialty property program for quick-service restaurants launches
Origin Specialty Underwriters Agency LLC, a Rolling Meadows, Illinois-based managing general agent, and Emerald Bay Risk Solutions on Tuesday launched a specialty property insurance program for quick-service restaurants.
Venbrook names retail property/casualty president
Venbrook Group LLC on Tuesday named Jeff Lang to the newly created position of president of its retail property and casualty practice.
Liongate Re secures up to $90M earthquake cat bond
Ireland-based Liongate Re Designated Activity Company is on track to secure between $90 million and $100 million in catastrophe bond coverage to provide earthquake reinsurance for Japan’s Zenkyoren Insurance Company and parametric quake protection in Germany for Sparkassen-Finanzgruppe entities, Artemis reported. The three-year bond will cover Zenkyoren with an indemnity-based aggregate structure and offer per-occurrence […]
Extreme weather drives $1B in insured losses
Extreme weather events in Australia, including February’s North Queensland floods and March’s Tropical Cyclone Alfred, have driven insured losses to nearly 1.5 billion Australian dollars ($954 million) so far in 2025, according to the Insurance Council of Australia, Reinsurance News reported. Alfred alone accounted for over 116,000 claims totaling AUD1.2 billion, while the floods led […]
Insurance market to grow 8% a year through 2029: GlobalData
New Zealand’s general insurance market is projected to reach $9.6 billion in gross written premiums by 2029, growing at a compound annual rate of 8.3% from $7 billion in 2025, according to U.K.-based GlobalData plc, Insurance Asia reported. The market is expected to expand by 10.3% in 2025, driven partly by premium increases in property […]
Chinese insurers get solvency ratio reprieve
Chinese insurers will soon see a 10% reduction in capital charges used to calculate solvency ratios, according to Fitch Ratings Inc., Insurance Asia reported. Announced on May 7 by the State Council Information Office, the move aims to boost long-term equity investment and support domestic capital markets. As of end-2024, equity investments accounted for 13.5% […]
Ports backed up after transit ban, straining supply chains
Pakistan is experiencing a major export container backlog at its ports after India imposed a transit ban on ships carrying Pakistani cargo, forcing international shipping lines to reroute through ports like Colombo in Sri Lanka and Jebel Ali in the United Arab Emirates, Hellenic Shipping News reported, citing Arab News. The disruption has prompted carriers […]
Insurers, tankers targeted in new dark fleet sanctions
The U.K. imposed has imposed new sanctions on Russia’s dark fleet, targeting 101 tankers and two insurance companies, Seatrade Maritime reported. Sanctioned insurers include Norway’s Romarine AS, which allegedly covered tankers despite lacking registration with Norwegian financial authorities, and Russian Soglasie Insurance Company Ltd.. The moves heighten insurance concerns amid growing issues like automatic identification […]
Cat losses drive drop in profits for International General
Bermuda-based International General Insurance Company Ltd. reported a 28% drop in net profit to $27 million for the first quarter of 2025, due to $28 million in natural catastrophe losses, up from $10 million a year earlier, Atlas Magazine reported. Gross written premiums rose 13% year-on-year to $206 million, while underwriting profit fell 46% to […]
Willis launches fintech cover
U.K.-based Willis Towers Watson plc has announced the global launch of FinTech Plus, a specialist insurance cover for fintech companies, Continuity Insurance & Risk Magazine reported. The coverage, which includes cyber protection, is designed to be flexible for various business models and is provided by a panel of Lloyd’s syndicates and London-based insurers.
Insurtech sector sees flurry of deals
Global funding for insurance startups surged to $1.3 billion in the first quarter of 2025, up 90% from the previous quarter, driven by 97 deals – most of which involved property and casualty ventures, according to U.K.-based Arthur J. Gallagher (UK) Ltd., Insurance News reported. While Gallagher Re highlighted rising AI investment and record reinsurer […]
LA fire losses hit Munich Re, Hannover Re
Germany’s largest reinsurers, Munich Re and Hannover Re, Tuesday reported sharp declines in first-quarter profit after a combined €1.7 billion ($1.89 billion) in claims related to the Los Angeles wildfires.
Executives see a buyer’s market returning for some insurance lines
Risk managers are seeing a commercial insurance market in transition, with property rates falling, in some cases sharply, while liability rates continue to increase, brokerage and insurer executives say.
Cyber risks evolve, price reductions slow
Claims related to exposure of personal data unrelated to criminal attacks, driven by regulatory activity and class actions, are becoming an increasing concern for the cyber liability insurance market, experts say.