Global Parametrics, a subsidiary of CelsiusPro Group, has partnered with Frontier Markets, India’s rural social commerce platform, to provide affordable crop insurance to 5,000 women smallholder farmers, benefiting approximately 24,000 individuals in its first year. Global Parametrics has created a parametric drought insurance product based on its Water Balance Index solution, which tracks the balance […]
Archives for January 2025
Descartes launches “next generation” parametric tornado coverage for solar farms
Global corporate insurer Descartes Underwriting has launched a new parametric insurance product to protect utility-scale solar farms against tornado damage. The product’s coverage leverages satellite data and cutting-edge analytics to protect investments in the renewable energy transition. Specifically, it focuses on safeguarding photovoltaic solar farms in the United States with a generation capacity exceeding 10MW […]
Renewal rate increases for all commercial lines except workers’ comp: Ivans
Ivans, a division of Applied Systems, has released its Q4 2024 and year-end results for the Ivans Index, showing year-over-year premium renewal rate increases across all major commercial lines of business, except Workers’ Compensation. Compared to Q3 2024, Commercial Auto, Business Owner’s Policy (BOP), and Umbrella saw higher average premium renewal rates in Q4, while […]
Moody’s assigns A2 financial strength ratings to Nationwide P&C companies
Moody’s Ratings has assigned A2 insurance financial strength ratings to Nationwide Insurance Company of America, National Casualty Company, and Scottsdale Surplus Lines Insurance Company, all with a stable outlook. These companies are members of the property and casualty (P&C) insurance business owned by Nationwide Mutual Insurance Company (NMIC). Nationwide Insurance Company of America and National […]
CatIQ estimates CAD 991m in insured damage from Toronto/Ontario July flash flooding
Catastrophe Indices and Quantification Inc. (CatIQ) has disclosed its latest industry loss estimate for the flash flooding in southern Ontario between July 15-16, 2024, estimating CAD 991 million in insured damage. During July 15-16, 2024, southern Ontario and Toronto, experienced severe flash flooding due to heavy rainfall exceeding 120mm in some areas, including at Toronto […]
AM Best maintains stable outlook on India’s non-life insurance sector amid strong growth
AM Best, the credit rating agency, has affirmed a stable outlook for India’s non-life insurance sector, citing strong growth potential fuelled by regulatory initiatives and increasing insurance demand. Insurance premiums in India’s non-life segment grew at a double-digit rate for the fiscal year ending 31 March 2024 (FY 2024), as detailed in the Best’s Market […]
BOXX welcomes three new hires to support US growth plans
BOXX Insurance, a global cyber insurtech, continues its expansion plans in the US with three new appointments to its Product and Distribution management team. Erik Tifft has been appointed Head of Products, bringing over two decades of underwriting, insurance products and cyber experience to BOXX. In his new role, he will continue to innovate the […]
CoreLogic pegs LA wildfire insured loss at $35bn to $45bn
Catastrophe risk modeller CoreLogic has estimated that residential and commercial insurance industry losses for the ongoing Eaton and Palisades Fires in Los Angeles, California, will fall between $35 billion and $45 billion. With the fires in Eaton and Palisades still burning as of Thursday afternoon, CoreLogic’s estimated insured loss range is preliminary. The risk modeller […]
Global reinsurer profitability to remain strong in 2025 despite price reductions, says Fitch
Fitch Ratings, a provider of credit ratings, research, and risk analysis, has forecasted that global reinsurers’ profitability will remain strong in 2025, despite lower risk-adjusted prices for most business lines during the January 1st reinsurance contract renewals. These price reductions are attributed to an abundance of capital in the market and the reinsurance cycle passing […]
NFIP’s Helene loss nears lower layer of its traditional reinsurance at $6.75bn
The U.S. Federal Emergency Management Agency (FEMA) has raised its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene to $6.75 billion, which is near the lower layer of its 2024 traditional reinsurance coverage, as reported by our insurance-linked securities (ILS) focused sister publication, Artemis. Back in November, FEMA reported that as of […]