Allianz to buy the commercial P&C insurance business from Aegon

Property insurance News commercial P&C insurance

The insurer will be purchasing the Netherlands market property and casualty portfolio from the company. It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon. As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed. At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5…

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Worldwide property and casualty insurance market to break $895 billion in 2018

Property and Casualty Insurance

Finnacord has now released the results of a research study looking into the future of the commercial P&C market. According to the outcomes of a research study conducted by the Finaccord financial research firm, by the close of the year 2018, the global commercial property and casualty insurance market will break the $895 billion mark in gross written premiums. It also pointed out that commercial liability coverage premiums would see the fastest growth rate. By the end of 2014, the worldwide commercial non-life premiums for property and casualty insurance were…

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Insurance company results drop at Berkshire Hathaway in Q1

Warren Buffett Berkshire Hathaway Insurance industry

The property and casualty business is sliding when compared to last year’s figures. In the first quarter of this year, the primary property and casualty Berkshire Hathaway insurance company operations have managed to record gains in the double digits for their pre-tax earnings, but this isn’t all good news. The reinsurance results have led to an operating earnings drop of 6.6 percent overall for the conglomerate. When Berkshire Hathaway Reinsurance Group’s first quarter figures are compared to the earnings from the first quarter of 2013, the situation looks even worse.…

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Insurance industry isn’t ready for what climate change has in store

insurance industry climate change

The damaging severe weather is becoming more frequent and more expensive in the U.S. Last year in the United States, there were 11 extreme weather events that struck various parts of the country each leaving a minimum of $1 billion worth of damages behind, as well as thousands upon thousands of claims to the insurance industry. Superstorm Sandy, alone, left behind economic losses of $50 billion, not to mention the loss of human life. That storm also brought with it a cost tens of billions to the insurance industry, particularly…

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Property and casualty insurance industry in the U.S. sees massive income increase

Property insurance News commercial P&C insurance

The net income for this sector has doubled when compared to the same period the year before. A report on the property and casualty insurance industry has indicated that compared to 2011, when the first nine months brought in a net income of $12.3 billion, the first nine months of 2012 saw well over double that amount at $31.2 billion. Though this does not include Hurricane Sandy data, the report believes that will have “only a modest impact”. The report was created by A.M. Best, and was entitled “U.S. P/C…

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Insurance news from Allianz includes profit increases

Insurance News Snap Shot of Allianz Website

The Munich based insurer also saw a rise in P&C gross written premiums. Allianz SE has just announced its third quarter financial results for 2012, and part of this insurance news included a 32.8 percent increase over the operating profits at the same time in 2011, as well as a drop in natural catastrophe claims, and that property and casualty profits have edged upward. Overall, the insurer feels that this year was almost five times better than last year. Of course, it needs to be taken into account that in…

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