INSURANCE NEWS
Progressive More Than Doubles Q3 Net Income Despite Helene Losses
Progressive Corp. said it’s third quarter 2024 net income more than doubled compared to last year, to about $2.3 billion. Progressive said it took a hit of $563 million in catastrophe losses in September from Hurricane Helene. Breaking down the …
Floridians Cleaning up From Milton Hampered by Widespread Fuel Shortage
CORTEZ, Fla. (AP) — Floridians recovering from Hurricane Milton, many of whom were journeying home after fleeing hundreds of miles to escape the storm, spent much of Saturday searching for gas as a fuel shortage gripped the state. In St. …
Volunteers Bring Solar Power to Hurricane Helene Disaster Zone
Nearly two weeks after Hurricane Helene downed power lines and washed out roads all over North Carolina’s mountains, the constant din of a gas-powered generator is getting to be too much for Bobby Renfro. It’s difficult to hear the nurses, …
Ardonagh Completes A$2.3B Acquisition of Australia’s PSC Insurance Group
The Ardonagh Group, the London-based independent insurance distribution platform, announced it has completed the A$2.3 billion (US$1.6 billion) acquisition of PSC Insurance Group Ltd. The completion of the acquisition in the APAC region sees PSC’s operations in Australia and New …
Milton’s 123,000 Claims So Far to Mean New Pressure on Reinsurance, Rate Hikes
Property Insurance claims from Hurricane Milton had topped more than 123,000 by Sunday, with some $1.5 billion in estimated insured losses. That’s already more than the claims and losses reported for Helene, which made landfall in Florida two weeks earlier, …
Vermont Approves Union Mutual Affiliation With N&D Group
Vermont’s insurance regulator has approved an affiliation of Union Mutual Fire Insurance Co. with the Massachusetts-based mutual insurer Norfolk & Dedham Group. Under the now-approved “acquisition of control” transaction that was proposed in April, Union Mutual and its wholly owned …
KCC Expects Private Insured Losses of $36B From Hurricane Milton
Florida’s Hurricane Milton caused private insured losses of about $36 billion, estimated catastrophe modeler Karen Clark & Co. The estimate includes losses from wind, storms surge, and inland flooding to personal, commercial and industrial properties and vehicles, as well as …
Russian Missile Hits Fourth Cargo Ship in Ukraine This Month
A Russian missile hit a fourth cargo ship in Ukraine this month, as the Kremlin ramps up its attacks on Kyiv’s trade infrastructure. A grain storage facility at Odesa port was attacked on Monday, killing one person and injuring two …
UK Urged to Prepare for Floods After Unusually Wet September
The UK government has urged people to ensure they are prepared for flooding this winter after an unusually wet September. The warning marks “Flood Action Week” which starts Monday and coincides with the anniversary of last year’s Storm Babet, which …
Specialist Risk Group Launches APAC Unit in Singapore, Buys Local Broker
Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced its launch in Asia Pacific with a new subsidiary in Singapore. As the first part of its expansion plans, SRG has, through …
La Niña Is Becoming Less Likely, Australia’s Weather Bureau Says
The likelihood of a La Niña weather event in coming months has decreased, Australia’s weather bureau said on Tuesday, adding that if the phenomenon did appear, it would be weak and short-lived. The development of La Niña and its opposite, …
Typhoon-Hit Southeast Asia to See a Rainy End to 2024
Southeast Asia could see higher-than-normal rainfall in the coming months, threatening further disruptions to agriculture, tourism, and industrial output in a region already hit by a series of storms this year. Weather forecasters predict wetter conditions from the Philippines to …