AIG’s Post

This week, the American Property Casualty Insurance Association (APCIA) hosted its annual meeting in Boston, where the topics focused on several catalysts that have led to the hard market. While the warning signals began flashing after last year's reinsurance renewals, the impact of the hard market on the economy at large and on consumers has been mostly realized during the second half of 2023. Now, the question on everyone's mind is: What is the outlook for 2024 and beyond? Read the full article below! https://hubs.la/Q028FYXv0

Mark Your Calendars! Property Casualty 360 Webinar on How to Capitalize on Innovation in Small Commercial to Improve Profitability

The collapse of the Francis Scott Key Bridge in Baltimore has led to staggering insured losses, with estimates from several sources falling between $2 billion and $4 billion, according to Morningstar. In fact, S&P Global analysts suggest it could be the largest marine insurance loss on record. While the insurance industry is likely positioned to absorb the losses without major issues, reinsurers will bear the bulk of the insured costs. Liability issues are complex, with potential litigation among various parties involved. “It is likely that the insurance and reinsurance companies will be jockeying over ultimate responsibility for the losses," Anderson Kill's Joshua Gold, leader of the firm's marine insurance practice, told the Insurance Journal. "Given the early reports of engine/power issues when the crew signaled mayday, the charterer may allege the fault lies with the vessel and its owners. Conversely, the owner may try to lay the fault with the pilot/captain/crew." The International Group of Protection and Indemnity Clubs will play a significant role in covering maritime liability risks, but the total cost is expected to surpass the coverage provided by reinsurance. There's also discussion about the potential for limitation of liability lawsuits to cap exposure, as well as the role of federal and state insurance coverage and funds in the recovery process. Read more details from the Insurance Journal: https://lnkd.in/e8CQRvxm #insurance #bridge #collapse #marine #risk #reinsurance #riskmanagement #losses #liability #baltimore #francisscottkey

Spent sometime this earlier this week discussing property insurance market trends with our friends at Capstone Companies & Austin Smith. We are seeing the market trending in the right direction and it all starts with record capital drawn into reinsurance. More on that below or reach out for additional insights.

Texas statistics from the state windpiol: Over the last two years, TWIA’s policies in‐force and direct liability have increased 27% and 57%, respectively. The growth is a result of insurer insolvencies and the challenged state of the private insurance market on the coast. By the end of next year, policies in-force are projected to reach nearly 265,000, with direct written premiums of more than $815 million.

Please listen until the end ! This is an real example of against the public interest and non insurable interest existence in the property & casualty insurance & reinsurance relationship . How come the insurer & reinsurers provide the insurance protection ?

Just dove into the deep waters of understanding hull casualty costs in our latest blog post! 🚢💰 Here are the 5 key questions we've tackled: 1️⃣ What are the current trends in hull casualty costs? In 2022, for instance, we saw record-low major losses in hull insurance, despite an increase in the size and complexity of vessels. 2️⃣ What factors contribute to the increased hull casualty costs claims? 3️⃣ What factors influence the frequency of hull casualty incidents? 4️⃣ What are the challenges on hull casualty costs? 5️⃣ As a claims handler, what are the strategies to manage low spend on hull claims? Whether you're a shipowner, operator, or claims handler, this comprehensive guide will arm you with the necessary knowledge to sail smoothly through the complexities of hull casualty costs. Read it here: https://lnkd.in/du3CrXDR #HullClaimsTrends #maritimeCasualties #HullRepair #MaritimeCosts #ShippingIndustry #RiskManagement #HullInsurance