Linda

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, 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 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 […]

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 […]

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 […]

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 […]

While the Los Angeles wildfires are anticipated to be a major catastrophe event for the insurance industry, a new report from KBRA has highlighted that the sector is generally well capitalized to absorb the losses, although some individual carriers may be more heavily impacted than others. With industry losses from the LA wildfires in the […]

The Los Angeles County wildfires are still burning and have now destroyed more than 10,000 structures, according to the Cal Fire authority, with insurance industry loss estimates still ranging from $10 billion to $20 billion, or higher if the fires continue to spread. Five fires continue to burn across LA. The largest remains the Palisades […]

According to Evercore’s reinsurance renewals report, growth in dedicated reinsurance capital is expected to outstrip growth in demand, resulting in pressure being put on property catastrophe pricing that will likely accelerate throughout 2025. The firm noted that capital levels continue to increase and have reached new heights in 2024. Readers may recall that data from […]

Global credit ratings agency AM Best has placed Velocity Specialty Insurance Company’s (VSIC) Financial Strength Rating of A- and Long-Term Issuer Credit Rating of “a-” under review with positive implications. This is following the recent announcement that FM, a commercial property insurer, will acquire VSIC. The deal is expected to close in the first half […]