In this week's news will talk about claims severity for EVs cars, Zurich Insurance Group unveils first-half results, Hippo’s new announced appointment and much more…
Claims severity for EVs outpace ICE-powered cars – report
A new report has offered insights on the disparities in collision claims frequency and repair procedures between electric vehicles (EVs) and internal combustion engine (ICE) automobiles.
Published by Mitchell, a technology and information provider serving the P&C claims and collision repair sectors, the report found that repairable claims frequency for EVs rose 1.49% in the US and 2.64% in Canada during the second quarter of the year.
The average severity for all EVs was higher by $963 in the US and $1,328 in Canada compared to cars powered by ICE. This differential became more pronounced when specifically analyzing Tesla models, reaching $1,589 and $1,600 respectively.
Published by Mitchell, a technology and information provider serving the P&C claims and collision repair sectors, the report found that repairable claims frequency for EVs rose 1.49% in the US and 2.64% in Canada during the second quarter of the year.
The average severity for all EVs was higher by $963 in the US and $1,328 in Canada compared to cars powered by ICE. This differential became more pronounced when specifically analyzing Tesla models, reaching $1,589 and $1,600 respectively.
McGill and Partners unveils new leadership appointments
Karl Hennessy, currently leading the global specialty insurance teams in London, will assume the role of CEO of McGill Global Risk Solutions LLC, the US insurance and reinsurance business. Hennessy will relocate from London to New York, pending visa approvals.
John Judice has been appointed president of the US business, effective immediately. In his new position, Judice will drive sales and business development activities across McGill and Partners’ specialty insurance platform. Warren Mula will continue serving as the chairman of the US business
John Judice has been appointed president of the US business, effective immediately. In his new position, Judice will drive sales and business development activities across McGill and Partners’ specialty insurance platform. Warren Mula will continue serving as the chairman of the US business
Credit rating actions announced for Allstate and its subsidiaries
AM Best has taken a number of credit rating actions affecting Allstate and its subsidiaries, citing various factors impacting their financial positions and operating performances.
The Long-Term Issuer Credit Rating (Long-Term ICR) of the members of Allstate Insurance Group was downgraded to "aa-" (Superior) from "aa" (Superior). However, the Financial Strength Rating (FSR) of A+ (Superior) was affirmed.
In a press release, AM Best said the actions were driven by challenging macroeconomic trends impacting underwriting results and risk-adjusted capitalization, including higher-than-expected loss cost trends in personal auto insurance and elevated catastrophe losses in the homeowners’ line of business.
The Long-Term Issuer Credit Rating (Long-Term ICR) of the members of Allstate Insurance Group was downgraded to "aa-" (Superior) from "aa" (Superior). However, the Financial Strength Rating (FSR) of A+ (Superior) was affirmed.
In a press release, AM Best said the actions were driven by challenging macroeconomic trends impacting underwriting results and risk-adjusted capitalization, including higher-than-expected loss cost trends in personal auto insurance and elevated catastrophe losses in the homeowners’ line of business.
Zurich Insurance Group unveils first-half results
Results season is in full swing, with Zurich Insurance Group among the latest to outline its interim financials.
According to Zurich’s earnings report, here’s how the global insurer performed in the six months ended June 30, 2023:
Lifting the lid on the numbers, Zurich noted: “Net income after tax attributable to shareholders (NIAS) increased 6% to US$2.5 billion compared with the prior-year period, mainly due to a more favourable net impact from capital gains and losses.
Zurich described the company’s interim results as “strong,” with its operating profit matching the record-high BOP posted in the same span in 2022.
According to Zurich’s earnings report, here’s how the global insurer performed in the six months ended June 30, 2023:
Lifting the lid on the numbers, Zurich noted: “Net income after tax attributable to shareholders (NIAS) increased 6% to US$2.5 billion compared with the prior-year period, mainly due to a more favourable net impact from capital gains and losses.
Zurich described the company’s interim results as “strong,” with its operating profit matching the record-high BOP posted in the same span in 2022.
Hippo taps industry veteran
Home insurance company Hippo has announced the appointment of Peter Piotrowski as chief claims officer.
Piotrowski, who previously served as chief claims officer at Vault for the past six years and held executive roles at The Hanover Insurance Group, AIG, and Chubb, will now lead the claims division at Hippo Insurance Services.
With over 35 years of experience in the industry, Piotrowski will be responsible for overseeing Hippo's claims services. He will report directly to Chris Donahue, chief underwriting officer at Hippo
Piotrowski, who previously served as chief claims officer at Vault for the past six years and held executive roles at The Hanover Insurance Group, AIG, and Chubb, will now lead the claims division at Hippo Insurance Services.
With over 35 years of experience in the industry, Piotrowski will be responsible for overseeing Hippo's claims services. He will report directly to Chris Donahue, chief underwriting officer at Hippo
