In this week's news will talk about how The Hilb Group expands in Texas with key acquisition, NormanMax launches parametric reinsurance cover for North and South Carolina, and much more…
The Hilb Group expands in Texas with key acquisition
Property-casualty and employee benefits brokerage The Hilb Group announced its acquisition of a Texas-based property and casualty insurance agency, further expanding its presence in the Central region. The acquisition was finalized on Aug. 1.
The Hilb Group, headquartered in Richmond, Va., is a portfolio entity of The Carlyle Group, a global investment firm.
The Hilb Group focuses on growth through strategic acquisitions and the use of its resources to drive organic growth within the agencies it acquires. To date, the company has completed more than 175 acquisitions, establishing over 125 offices across 29 states.
In April, The Hilb Group expanded its employee benefits division in the Midwest by acquiring a book of business in Illinois. The financial terms of this transaction were not disclosed, and the acquisition took effect at the beginning of that month.
The Hilb Group, headquartered in Richmond, Va., is a portfolio entity of The Carlyle Group, a global investment firm.
The Hilb Group focuses on growth through strategic acquisitions and the use of its resources to drive organic growth within the agencies it acquires. To date, the company has completed more than 175 acquisitions, establishing over 125 offices across 29 states.
In April, The Hilb Group expanded its employee benefits division in the Midwest by acquiring a book of business in Illinois. The financial terms of this transaction were not disclosed, and the acquisition took effect at the beginning of that month.
Global insurance spending set to approach $10 trillion by 2028
Global insurance spending is projected to sustain its growth trajectory, reaching nearly $10 trillion by 2028, according to data presented by Stocklytics.com.
It was noted that the global insurance market, spanning the life and non-life sectors, has experienced a 25% surge over the past four years, with the total insurance premiums value increasing to over $9 trillion this year. While the growth rate has decelerated since the peak in 2021, the market is still expected to achieve record-high spending in the coming years.
Several factors are driving the market’s growth, including economic expansion, the rise of the middle class, technological innovations like insurtech, and an evolving risk environment. According to Statista, the gross written premium in the global insurance market stood at $7.24 trillion in 2017, rising to nearly $8 trillion by the end of 2020.
Notably, the COVID-19 pandemic significantly accelerated market growth, underscoring the importance of health and life insurance while also pushing businesses to seek coverage against interruption and other related risks. Consequently, total insurance spending surged by 8.6% in 2021, reaching $8.64 trillion – marking the highest annual increase to date.
It was noted that the global insurance market, spanning the life and non-life sectors, has experienced a 25% surge over the past four years, with the total insurance premiums value increasing to over $9 trillion this year. While the growth rate has decelerated since the peak in 2021, the market is still expected to achieve record-high spending in the coming years.
Several factors are driving the market’s growth, including economic expansion, the rise of the middle class, technological innovations like insurtech, and an evolving risk environment. According to Statista, the gross written premium in the global insurance market stood at $7.24 trillion in 2017, rising to nearly $8 trillion by the end of 2020.
Notably, the COVID-19 pandemic significantly accelerated market growth, underscoring the importance of health and life insurance while also pushing businesses to seek coverage against interruption and other related risks. Consequently, total insurance spending surged by 8.6% in 2021, reaching $8.64 trillion – marking the highest annual increase to date.
NormanMax launches parametric reinsurance cover for North and South Carolina
US-based parametric re/insurance group NormanMax Insurance Solutions has announced the availability of its Hurricane Parametric Reinsurance products for North Carolina and South Carolina, just as peak hurricane season approaches the country.
The coverage, branded as Hurricane PM, offers a streamlined payout process, aimed at providing insurance and reinsurance organizations with timely support in the event of a hurricane.
This parametric reinsurance product is designed to provide quick and transparent payouts, ensuring that insurers can manage the financial impact of storms and their aftermath effectively.
The coverage, branded as Hurricane PM, offers a streamlined payout process, aimed at providing insurance and reinsurance organizations with timely support in the event of a hurricane.
This parametric reinsurance product is designed to provide quick and transparent payouts, ensuring that insurers can manage the financial impact of storms and their aftermath effectively.
Insurers barred from independent subrogation in $4 billion Maui wildfire settlement
A tentative $4.04 billion global settlement has been reached to resolve all lawsuits arising from claims related to the Maui wildfires, according to an order from Hawaii’s 2nd Circuit Court on Aug. 19.
However, insurers involved in the settlement will be prohibited from independently pursuing subrogation claims against the settling third parties, according to a report from AM Best.
Seven defendants, along with plaintiffs’ attorneys, announced the settlement, which aims to resolve approximately 450 lawsuits filed in state and federal courts following the Lahaina and Upcountry Maui wildfires.
The fires, which occurred in August 2023, devastated the town of Lahaina and were the most destructive in Hawaii's history, as noted by Gov. Josh Green's office.
However, insurers involved in the settlement will be prohibited from independently pursuing subrogation claims against the settling third parties, according to a report from AM Best.
Seven defendants, along with plaintiffs’ attorneys, announced the settlement, which aims to resolve approximately 450 lawsuits filed in state and federal courts following the Lahaina and Upcountry Maui wildfires.
The fires, which occurred in August 2023, devastated the town of Lahaina and were the most destructive in Hawaii's history, as noted by Gov. Josh Green's office.
American Family beats State Farm, Allstate in new J.D. Power ranking
J.D. Power has released its latest ranking of small commercial insurers, with American Family emerging on top to outdo the likes of State Farm and Allstate in terms of overall customer satisfaction.
Based on responses from 2,817 small commercial insurance customers, below is J.D. Power’s overall customer satisfaction index ranking from its 2024 US small commercial insurance study. The insurers’ scores were based on a 1,000-point scale.
Conducted from February to June this year, the study evaluated satisfaction across seven key dimensions: trust, price for coverage, product/coverage offerings, ease of doing business, people, problem resolution, and digital channels.
J.D. Power found that despite a challenging environment with rising premiums – 36% of small business owners reported an increase in the past year – customer satisfaction, loyalty, and advocacy remain strong when trust is established with commercial insurance providers.
Based on responses from 2,817 small commercial insurance customers, below is J.D. Power’s overall customer satisfaction index ranking from its 2024 US small commercial insurance study. The insurers’ scores were based on a 1,000-point scale.
Conducted from February to June this year, the study evaluated satisfaction across seven key dimensions: trust, price for coverage, product/coverage offerings, ease of doing business, people, problem resolution, and digital channels.
J.D. Power found that despite a challenging environment with rising premiums – 36% of small business owners reported an increase in the past year – customer satisfaction, loyalty, and advocacy remain strong when trust is established with commercial insurance providers.
