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Property & Casualty Report: Q2/Q3 2023

Property & Casualty Report: Q2/Q3 2023

The title of this quarter’s overview and forecast could easily be: “Profitability Matters.” That is especially true in the Property space for both Personal and Commercial policies. The industry faces daily challenges from CAT storms and events, making every state subject to immediate loss from hurricanes, wildfires, and convective storms—defined as severe local storms associated with wind, thunder, lightning, heavy…

Property & Casualty Report: Q1/Q2 2023

Property & Casualty Report: Q1/Q2 2023

We have seen few changes in the Property & Casualty (P&C) marketplace from Q1 through Q2 of 2023, however, the broader picture is becoming clearer now that 2022 year-end financial filings are available. According to ALIRT Insurance Research, the discrepancy between Personal and Commercial Lines Composite underwriting is historically wide. Namely, the Personal Lines Composite combined ratio of 109 percent…

Property & Casualty Report: Q2 2022 Market Overview & Q3 Forecast

Property & Casualty Report: Q2 2022 Market Overview & Q3 Forecast

Macroeconomic trends, namely inflation and rising interest rates, are having a profound effect on the Property & Casualty (P&C) market as we head into the second half of 2022. Inflation impacts everything—from rapidly changing property values to challenges with mid-year reinsurance renewals. These are truly generational inflationary pressures that most professionals within the industry have never personally experienced. Even with…

Energy Insurance Market Overview: Insuring Oil, Gas & Renewables

Energy Insurance Market Overview: Insuring Oil, Gas & Renewables

While the Energy insurance industry remains in a hard market, much has changed in the last 12 months. Buoyed by the war in Ukraine, the price of oil has risen from $70 to well over $110 as of June 27, global oil production and consumption has climbed to pre-pandemic levels, and rig activity is up significantly. Most oil producers are…

Energy Update: Insuring Oil, Gas and Renewables

Energy Update: Insuring Oil, Gas and Renewables

During this webinar, we were joined by industry experts for a discussion on the Energy market in the U.S. and Canada. They provided insights into oil, gas, renewables, and the impacts of current events. https://vimeo.com/723507377/374f273677

Hurricane Ida Linked to Over 2,000 Water Pollution Reports

Hurricane Ida Linked to Over 2,000 Water Pollution Reports

An 11-mile-long oil slick in the Gulf of Mexico is one of more than 2,000 reports of water pollution being investigated by authorities in Louisiana after Hurricane Ida tore through the state on Aug. 29. The ruptured pipeline is located just south of oil and gas hub Port Fourchon, where the Category 4 storm caused significant damage and forced the…

Energy Insurance Market Overview

Energy Insurance Market Overview

The price of crude oil last year reached negative territory, exacerbated by a drop in the price of West Texas Intermediate crude of 300 percent to around negative $37 per barrel in April 2020.The challenges tied to the pandemic created a market we had not seen in decades, forcing many smaller businesses to shutter operations. The good news is that we have seen significant recoveries in 2021.…

Examining Energy Insurance Specialty Categories & Trends

Examining Energy Insurance Specialty Categories & Trends

Our experts gathered for a discussion on the state of the energy insurance market, trends within the sector and the impact on specific products. During this webinar, we discuss: Specialty areas within the energy industry Market conditions and rate impact Challenges and solutions within the energy market https://vimeo.com/561535323/bc265100b4

Colonial Pipeline Ransomware Attack Exposes Severity of Cyber Threats

Colonial Pipeline Ransomware Attack Exposes Severity of Cyber Threats

The ransomware attack that shut down one of the largest fuel pipelines in the U.S. and set off gas shortages and panic-buying is indicative of the growing cyber risk threatening American infrastructure, experts said in a recent USA Today report. Colonial Pipeline Co., which moves 2.5 million barrels of petroleum each day, was forced to discontinue operations May 7 after…

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