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...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...Lloyd’s of London has attracted its biggest syndicate backed by individuals, or “Names”, since the early 1990s, as the insurance market looks to rebuild a base among private investors after its best performance...
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...Reinsurers “need to feel that it is not just about selling insurance and making a profit. It’s about responsibility as part of society”, Hielkema said....
...A surge of interest rates worldwide has encouraged more depositors to seek better returns. Banks that failed to keep up have been left exposed....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...in full to depositors....
...Protecting Deposit Insurance Fund resources is important to depositor confidence. Minimising losses reduces the risk that healthy banks will have to pay more to replenish the DIF....
...prepared to use the Fed’s discount window (new Federal Reserve data, also via Reuters) — Deposit Insurance, Uninsured Depositors, and Liquidity Risk During Panics (NBER) — The next mass extinction?...
...The flood maps that Fema uses to set premiums for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Larger banks such as JPMorgan Chase, Bank of America and Wells Fargo also saw their profits fall in the final quarter of 2023....
...But what had been a measured exit of depositors at mid-sized banks turned into a rush for the exits after the failure of SVB raised concerns about the safety of keeping money at any mid-sized lender....
...High interest rates have been good for America’s biggest banks, which have reaped billions of dollars in profits over the past two years by passing on interest rate rises to depositors more slowly than borrowers...
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...But none of that saved SVB, Signature or later First Republic. They relied heavily on big depositors, those with accounts too large to be protected by the Federal Deposit Insurance Corporation....
...Analysts at Bank of America said the deal should not worsen the outlook for capital returns at Aviva....
...into bank parent companies....
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...The company set a new target to generate £2bn of operating profit by 2026, and new guidance that the cash cost of its dividend should grow by a mid-single-digit percentage....
...According to an index from insurance broker Marsh, global commercial insurance rates rose in the final three months of last year, the 25th straight quarter of increases....
...MPs last year blamed regulatory foot-dragging for London losing out on $700mn of insurance-linked securities that went to Singapore....
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