NOAA Increases Prediction for Atlantic Hurricane Season to "Above-Normal"

Published on August 11, 2023
The National Oceanic and Atmospheric Administration is increasing its prediction for the ongoing 2023 Atlantic hurricane season to "above-normal"
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US SCS insured losses near $40bn with hail as main driver: Gallagher Re’s Bowen

August 11, 2023
Hail damage is predominantly driving the loss trend for severe convective storms (SCS) in the United States, with the peril driving 50 to 80% loss claims any given year, Gallagher Re’s Steve Bowen has said.The Chief Science Officer of reinsurance broker Gallagher Re, explained in a LinkedIn post that 2023 has seen “relentless” SCS activity, with insured losses rising commensurately with this activ

Zurich reports increase in revenue while BOP goes down on H1 2023

August 11, 2023
Zurich Insurance Group has reported that H1 2023 P&C insurance revenue was up 10% on a like-for-like basis to $20,163m, while business operating profit was down to $ 2,247m, from $2,379m in H1 2022.This quarter P&C (BOP) was 6% lower than in the previous year. In local currency, first half P&C BOP was 2% lower than in the previous year, driven by a higher combined ratio and the absence of a non-re