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Tariffs threaten to push insurance costs higher for US households
Matt Brannon, who authored the report, said tariffs affecting imports from countries such as China, Canada, Mexico, Japan, and Vietnam will disrupt the construction supply chain and add to repair costs. He noted a similar outcome during the COVID-19 pandemic, when material shortages and price hikes also contributed to higher insurance rates. Source link
Chubb CEO calls for greater consistency in US trade policy
Speaking on a first-quarter earnings call, Greenberg said the federal government should align its trade, economic, and fiscal priorities. He expressed hope that future trade agreements would ease or remove tariffs, which he said have affected the country’s international standing and increased the risk of an economic downturn. Source link
Lemonade profits jump but net loss stings
Meanwhile, the adjusted EBITDA loss for the quarter was $47 million, in line with company guidance, which included an estimated $22 million adverse impact from the California wildfires. Net loss was $62.4 million, or $0.86 per share, compared to $47.3 million, or $0.67 per share, in the first quarter of 2024. Source link
If this bill passes it will eradicate Florida’s insurance market – FJRI
Industry groups, however, warned the bill threatens the fragile recovery of Florida’s insurance market. Katelyn Ferry, representing the Florida Justice Reform Institute, argued the proposal could reverse recent progress. “Make no mistake: If this bill passes, it’ll eradicate Florida’s insurance market,” Ferry said. She credited previous reforms with curbing premium hikes and attracting new insurers…
W.R. Berkley confirms stake sale to Mitsui Sumitomo
“We have deep respect for MSI developed over years of collaborating with them through the company’s reinsurance operations,” said Rob Berkley, president and CEO of W.R. Berkley. “Their significant investment is a validation of our company’s performance and growth trajectory, and we welcome the opportunity to leverage their international presence to create sustainable stockholder value.”…
IGI sees lower profit amid rising catastrophe claims in Q1
The reinsurance segment, comprising 34% of the company’s gross written premiums, reported a 43.7% increase in gross written premiums to US$70.0 million, from US$48.7 million a year earlier. Net premiums earned increased to US$24.9 million from US$16.8 million. Underwriting income rose to US$10.4 million, compared to US$6.8 million in the first quarter of 2024. The…