The year 2022 was the worst one for the property insurance and casualty insurance industry (P&C) since 2011. Insurers are likely to pay out billions of dollars due to severe weather conditions in the United States. Hurricane Ian, which struck Florida in late 2022, caused the second largest insured losses after Hurricane Katrina, resulting in $65 billion alone. Swiss Re has revealed that the natural catastrophe losses of more than $100 billion surpassed the ten-year average by 40% last year. Even AM Best’s new special report has made shocking revelations.…
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Property and casualty insurance industry will continue holding strong
Moody’s has released its global predictions and has suggested that P&C will remain stable. Moody’s Investors Service Inc. has now released its predictions regarding the global property and casualty insurance industry, and they have designated its future as being “stable” for the next while. This data was first released at the end of last week as Moody’s provided its industry forecasts. Moody’s put out its “2014 Outlook – Global P&C Insurance” report and, within it, the firm showed that property and casualty insurance premiums will be continuing their growth within…
Read MoreAIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties
BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…
Read MoreInsurance industry shows praise for Accenture technology
Accenture receives high rating for the technology it provides to the insurance industry Accenture, a global management consulting and technology services company, has received the highest possible rating from Gartner, a global market research firm, for the fifth consecutive year. Gartner has released the results of its “MarketScope for North American Property and Casualty Insurance Claims Management Modules” report, wherein Accenture’s Claim Components software won top marks from the firm. The software has proven valuable for much of the insurance industry in the U.S., especially as the interests of insurers…
Read MoreInsurance industry faced with major losses in 2012
Swiss Re reports on insurance industry losses from 2012 The insurance industry faced massive losses due to natural disasters and man-made catastrophes in 2012, according to Swiss Re, one of the world’s leading reinsurance firms. Over the past two years, the insurance industry has been stricken with several catastrophic events. Hurricanes, earthquakes, and an ongoing financial crisis in Europe have all served as major stumbling blocks for the global insurance industry. According to Swiss Re, many of the companies operating in the industry are still fighting to recover from such…
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