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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...The failure of Signa, a property empire built over the past two decades by its politically connected, billionaire founder Benko, has been the highest-profile casualty of the strains across Europe’s commercial...
...“We are not going to comment on this matter save as to say that the [secretary of state] has taken such action without as much as requesting a meeting with the companies,” the company said....
...More than a dozen German insurance companies filed a petition with Vienna’s district court last week, a copy of which was seen by the FT, demanding an end to Signa Prime’s self-administration....
...But both property and casualty reinsurers, and their counterparts in the life business, are now attracting greater attention. Let us take them in turn....
...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...“Ajit’s achievements since joining Berkshire have been supported by a large cast of hugely-talented insurance executives in our various P/C [property-casualty] operations,” he wrote....
...Continental European commercial property insurance prices rose at the start of the year for the 22nd consecutive quarter, according to an index from broker Marsh....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...A couple of months ago, my insurance company decided to raise the price of the yearly insurance premiums on our Brooklyn home by 51 per cent over three years, after more than doubling the estimated cost...
...In addition, many US states — including those most prone to flooding, such as Florida — do not require sellers to disclose a property’s flood risk to buyers....
...“They’ve really been pushing $40 [an hour] and free health insurance.”...
...In reality, higher rates have helped property prices, because of the unique characteristics of the American mortgage market....
...Europe’s second-biggest insurer, which cemented its focus on property and casualty insurance with the $15.3bn acquisition of XL in 2018, said it would prioritise dividend growth and annual share buybacks...
...That helped mitigate any massive losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
...Six residential property and casualty insurers became insolvent in 2022, according to the state....
...It is 28 per cent owned by the Shenzhen Metro, occupying a middle ground between a private and state-owned company....
...It also makes infringement proceedings cheaper as the outcome of one challenge is valid in all UPC member states. That is particularly important for smaller companies....
...to the court in order to avoid property seizures while he appeals against a near half-billion-dollar judgment against him and his companies....
...The attorney-general’s lawyers further claimed Knight Insurance sent “100 per cent of its retained insurance risk to affiliates in the Cayman Islands”, where “lax regulations” allowed the company to bolster...
...Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money....
...The collapse of the legacy car market after decades of growth poses an existential threat to scores of foreign and state-backed carmakers operating in China....
...That helped mitigate any huge losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
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