Market News

AM Best's report shows a 60 percent rise in downgrades for US insurers in 2023. Key factors include worsening market conditions, rising loss costs, and geographic risk. Personal lines insurers were heavily impacted, while commercial lines saw more upgrades despite an increase in downgrades for the year. Read More

Howden has expanded its presence in Japan by acquiring Foresight, a firm offering retail brokerage and captive insurance services. This acquisition enhances Howden's global captive management capabilities, now overseeing around 100 captives worldwide, and supports its broader growth strategy in the Japanese market. Read More

Reinsurers face a neutral 2025 outlook as rising catastrophe risks, driven by climate change, prompt stricter terms. Despite expected price softening, profitability remains robust, with capital reserves exceeding targets. Reinsurers continue cautious underwriting, focusing on limiting exposure to secondary perils, while maintaining resilience in an evolving market. Read More

The US property and casualty industry recorded a $3.8 billion underwriting gain in the first half of 2024, a major improvement from the $24 billion loss in 2023. Improved personal lines performance and a rise in investment income drove net income to $97.6 billion from $9.4 billion last year. Read More

Generative artificial intelligence (AI) in insurance, valued at $761.4M in 2022, is expected to grow to $14.4B by 2032. Key growth drivers include enhanced risk assessment, automated underwriting, and improved customer service. AI technologies like GANs and diffusion networks are revolutionizing the industry with more efficient and personalized services. Read More