Archives for June 2025

The average cost of home insurance in the US has increased faster than inflation over the past 20 years, driven by natural disasters, higher repair costs, supply chain disruptions, and population shifts into high-risk areas, according to the Insurance Research Council (IRC). A new research brief from the IRC finds that insurance spending has consistently […]

Karen Clark & Company (KCC), a provider of catastrophe risk models and analytics to the insurance industry, has announced that its US Hurricane Reference Model Version 5.0 has been officially certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). KCC is the first modelling firm to earn certification under the commission’s updated standards. […]

The main risk of Section 899 of the US Tax Bill for European insurers and reinsurers relates to a tax on dividends from their US subsidiaries, however, the impact on earnings is expected to be relatively manageable, according to Berenberg. Section 899 of the US Tax Bill, passed by Congress on 22nd May, 2025, would […]

With Canada’s 2025 wildfire season poised to become one of the most destructive on record following a historically damaging 2024, reinsurers are likely to re-evaluate their Canadian exposure, according to a recent report by Morningstar DBRS. As of June 2025, Canada’s wildfire season is once again testing the resilience of the property and casualty (P&C) […]

According to credit rating agency AM Best, the US property and casualty (P/C) insurance industry recorded a $1.1 billion net underwriting loss in the first quarter of 2025—a significant decline from the $9.4 billion gain reported during the same period in 2024. The drop was primarily driven by elevated losses from the January wildfires in […]

Transamerica Life Bermuda, a global high-net-worth (HNW) life insurer, is expanding its international presence with the establishment of a new base in the Dubai International Financial Centre (DIFC). This strategic move follows the successful acquisition of a licence from the Dubai Financial Services Authority (DFSA), a global financial centre in the Middle East, Africa, and […]

VIG Re, the reinsurance arm of Vienna Insurance Group, has announced the appointment of Milan Padych as Chief Information Officer (CIO). Padych joins VIG Re from Swiss Re, where he served as Head of Information Technology, overseeing the development and operations of a fully digital, in-house-built insurance backend SaaS platform, ensuring it scales resiliently within […]

The Association of British Insurers (ABI), the trade body representing the UK’s insurance and long-term savings industry, has announced the appointment of Chris Bose as Director of General Insurance & International, effective August 11, 2025. Bose, an experienced public policy practitioner with extensive expertise in financial services, is joining ABI from Nationwide Building Society, where […]

Ivans, a division of Applied Systems, has released the May 2025 results of the Ivans Index, showing that average premium renewal rates increased year over year across all major commercial lines of business except Workers’ Compensation. Month over month, Commercial Auto, General Liability, and Commercial Property saw increases in premium renewal rate change, while BOP, […]

Credit rating agency AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Accelerant Re I.I. (ARPR) (Puerto Rico), with a stable outlook. Concurrently, AM Best affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Accelerant […]