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Despite emerging pressures in the Florida homeowners’ market, its quintet of publicly traded carriers continued to demonstrate strong top-line growth in third quarter earnings releases, in part driven by expansion beyond state borders.
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The weakening of the euro has allowed global reinsurers to post their biggest increase in Q3 top line since 2012, analysis from The Insurance Insider shows.
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Bermudian carriers suffered significant slippage in their operating returns during the third quarter as a combination of losses from Tianjin, rising expenses and slowing reserve releases took their toll.
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The underwriting performance of the Bermudians deteriorated in the third quarter, as Tianjin and a slowdown in reserve releases took their toll.
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The Bermudian carriers wrote almost a quarter more business in Q3 2015, as three major acquisitions drove top-line growth despite significant rating pressure.
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The strong run enjoyed by Florida homeowners' insurers in recent years is being challenged by dwindling growth opportunities and deteriorating loss ratios as competition increases in an already saturated marketplace.
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Declared losses from August's Tianjin port explosions are now nearing $1.5bn, after eight carriers reported their Q3 results last week.
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The London company market has shown modest growth despite a persistent soft rating environment, although question marks remain over its leading position in the specialty (re)insurance market, according to new research by the International Underwriting Association (IUA).
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The level of reserves US insurance companies are holding for future asbestos losses remains a concern, AM Best has said, maintaining its prediction that the mesothelioma crisis will cost the industry a total of $85bn.
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US commercial P&C rate softening continued apace in the third quarter as prices dropped 3.1 percent on average, according to the latest survey from The Council of Insurance Agents & Brokers (CIAB).
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A standout performance from Willis' capital markets and advisory division helped the big three broker outpace rivals Aon and Marsh & McLennan Companies (MMC) in reinsurance broking organic growth during the third quarter.
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Publicly declared loss estimates from August's explosions at the port of Tianjin are inching towards the $1bn mark.
