Warren Buffett makes insurance news with caution in the industry

auto insurance industry - berkshire hathaway warren buffett

Berkshire Hathaway recently announced its earnings and stated that it is unlikely that an underwriter would be purchased. In recent insurance news, Warren Buffett of Berkshire Hathaway finally put an end to the speculations that have been made about the company for a long time, by saying that they don’t have any real intention to ever purchase a large commercial underwriter, and that the intention is to take a more organic strategy in order to grow their commercial platform. Buffett fielded some heavy questions at the annual shareholder meeting for…

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Cyber insurance could lead to growth in the reinsurance industry

Cyber Insurance

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

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Munich Re makes a move on marine insurance

Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

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Insurance industry is beginning to respond to evolving global market

Insurance Industry News

Insurers and reinsurers are adopting a new approach to their markets Insurance and reinsurance companies are beginning to re-evaluate their business models as prices begin to soften throughout the global market. Risks are beginning to evolve and new investors are beginning to power changes within the commercial insurance market. These changes are encouraging companies to change the way they approach their chosen market sectors in order to better accommodate demand and ensure their continued sustainability. Companies are also feeling a greater need to balance their exposure to certain risks, especially…

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Insurance industry study shows leadership positions lack gender diversity

Insurance industry gender diversity

The research indicated that despite the fact that there are many women employed, they are not in these roles. According to the results that have recently been released from a study in the United States, the insurance industry is lacking in gender diversity across all leadership levels, even though there are a high number of women who have positions in the field. The study involved the data of 91 publicly traded companies as well as 9 mutual companies. The study was conducted by the team of primary author Mike Angelina,…

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Reinsurance industry may win subsidies in Florida

homeowners insurance rates grow

Lawmakers consider new subsidies for the reinsurance industry This year, the Florida Legislature will be considering several proposals that could have a major impact on windstorm insurance throughout the state. Lawmakers continue to grapple with a problematic insurance market, where many insurance companies are either looking to raise rates exponentially or abandon certain sectors entirely. Given the ongoing problems with the state’s Citizens Property Insurance organization, lawmakers are eager to address any issues that insurance companies may have, and may be turning to the reinsurance industry to do just that.…

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Texas Windstorm Insurance Association may find new allies

Windstorm Insurance

Texas Windstorm Insurance Association attracting global attention The Texas Windstorm Insurance Association, a state-run insurance group that provide coverage for wind damage primarily to properties in coastal areas of the state, has been experiencing financial troubles recently. Financial challenges are nothing new to state-run insurance groups, as many of them offer coverage that is much more affordable than that offered by private insurance companies. Texas Insurance Commissioner Eleanor Kitzman, who is in charge of the state-run insurance group, has been traveling around the world in order to address the issues…

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Climate change threatens insurance industry

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

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U.S. RE Analytics releases new tool to help insurers manage their risk exposure

Insurance technology with new risk managment tool for industry use U.S. RE Analytics, a consulting firm that provides services to the insurance and reinsurance industries, has developed a new tool that could help some insurance companies manage the cost of reinsurance more efficiently. The tool, called U.S. RE Risk Optimizer, is designed specifically to assist companies that are exposed to catastrophic natural disasters. These disasters have proven to be a serious financial risk over the past two years. Two consecutive years of severe natural catastrophes have caused the price of…

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Reinsurance companies face tremendous losses

Last year, the reinsurance sector was battered down by huge losses resulting from natural disasters. The disasters that lead to the enormous insured losses included the earthquakes in New Zealand, the flooding in Thailand and Australia, and the tsunami following the earthquake in Japan. These were all top events discussed in the most recent survey results from the Reinsurance Association of America. Catastrophe losses considered, the combined ratios for most reinsurers within the group were reported to have fallen. According to the executive director covering property and casualty insurance at…

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