Auto insurance premiums in the U.S. may slide with driverless cars

auto insurance premiums accident

As autonomous vehicles roll out – and as that continues into the future – coverage rates will plummet. A new report from Aon Benfield addressed auto insurance premiums in a world of self driving cars. It examined the insurance rate trends that will occur with the expected increasing popularity of autonomous vehicles. The report suggested car owners will be paying a lot less for coverage when cars drive themselves. The predictions are that the “industry pure premiums” will fall a full 20 percent from last year through 2035. This forecast…

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Insurance industry continues to see a growth in premiums

US Big Data insurance industry

Insurance premiums are on the rise throughout the world Premiums in the global reinsurance and insurance industries grew last year, according to a report from Aon Benfield. The report notes that insurance premiums reached an all-time high by the end of 2013. The Property and casualty, life, and health insurance sectors were the driving forces behind the growth in premiums. Overall, global premiums grew by 0.9% last year, reaching $4.9 trillion. Insurance premiums are likely to continue growing throughout the remainder of 2014. Property casualty, life, and health insurance sectors…

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Report highlights effect of natural disaster on insurance industry

Insurance Industry

Insurance industry continues to wrestle with catastrophes Aon Benfield’s Impact Forecasting, the catastrophe modeling division of the company, has released its latest Global Catastrophe Recap report. These reports are issued monthly and highlight the natural disasters that have occurred around the world and details what impact they may have had on the insurance industry. The latest report provides some insight on the natural disasters that struck throughout the U.S. in April. The report makes note of several severe events that have caused significant damage in some parts of the country.…

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Aon report focuses on impact of US natural disasters

Natural Disaster damage insurance trends

US disasters deal costly blow to global insurance industry, according to Aon Aon Benfield, a leading reinsurance and catastrophe modeling firm, has released its latest Annual Global Climate and Catastrophe Report. The report highlights the impact that natural disasters have had throughout the world and how these disasters have hit the global insurance industry and economy. According to the report, two of the world’s costliest natural disasters occurred in the U.S. While these disasters were largely confined to the borders of the country, Aon notes that their influence has sent…

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Aon releases new edition of Global Catastrophe Recap report

U.S. industry holds on to hope for a more peaceful 2012 Following the disastrous 2011, U.S. insurers had hoped that 2012 would be a lenient year in terms of natural catastrophes. These hopes were dashed when 2012 hosted a series of unfortunate events in its early months. These disasters made headline throughout the world of insurance news and put the industry on notice. The early months brought many powerful storms that caused widespread damages, mostly in the Eastern and Southeastern U.S. In April, these storms proved particularly devastating. Report shows…

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Severe weather leads to over $1.2 billion in insurance losses in March

Insurance industry gets hit with huge losses for 2012. Global reinsurance intermediary, Aon Benfield, which is also responsible for the Aon plc capital advising, has released its most recent Global Catastrophe report edition, which provided an overview of the global natural disaster events of March 2012. The report was published by the catastrophe model development center of excellence for the company, Impact Forecasting. It showed that a number of serious weather events struck the Tennessee Valley, the American Midwest, and the Southeast of the country during the first week of…

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Current Chinese insurance and reinsurance marketplace influx

There have been many changes to the Chinese insurance marketplace over the last few months, with the introduction of foreign insurers as well as the recent increases in the premiums for property and casualty insurance. Aon Benfield has just announced that those premiums had risen to $6.5 billion in 2011, which was a 67 percent increase over those in 2005. Furthermore, it has been forecasted that this growth will continue to rise as the China Insurance Regulatory Commission places its focus on premium increases and policies that will form a…

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Thai floods to impact worldwide insurance prices, says Aon

Insurance prices around the world are set to rise in the wake of the devastating floods in Thailand, according to Aon Benfield, a risk assessment firm. The Thai floods are yet another catastrophic event that has occurred in 2011. Paired with rampaging storms in the U.S. and a horrific earthquake and tsunami in Japan, the floods have done major financial damage to the worldwide insurance industry. Estimates regarding the damage done to properties from the flooding in Thailand hovers around $10 billion, but these estimates only factor in the damage…

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