Latest news with #insurer
Zawya
10 hours ago
- Business
- Zawya
CBUAE suspends motor insurance business of a foreign insurance company's branch
Abu Dhabi: The Central Bank of the UAE (CBUAE) suspended the motor insurance business of a foreign insurance company's branch (insurer), pursuant to Articles (33) and (44) of Federal Decree Law No. (48) of 2023 Regulating Insurance Activities. The insurer remains liable for all rights and obligations arising from insurance contracts concluded before the suspension. This action comes as a result of the entity's failure to comply with the solvency and guarantee requirements, specified in the Law and prevailing regulations governing insurance companies in the UAE. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all insurers, their owners and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the insurance sector and safeguard the UAE financial ecosystem.
Yahoo
6 days ago
- Automotive
- Yahoo
What is subrogation in insurance, and how does it affect you?
If you've read your insurance contract, you might have come across the term 'subrogation insurance.' Subrogation insurance is a process that enables insurers to recoup their financial losses after paying out a claim when the insured isn't at fault. Insurance companies normally handle subrogation in the background, and policyholders are usually left out of the process. However, it can still be helpful to understand what subrogation is in insurance and how it works. This embedded content is not available in your region. What is subrogation in insurance? Subrogation is an insurance company's legal right to sue a third party responsible for a covered loss once the insurer has settled the claim with the policyholder. It allows the company to recover the money it paid out from the individual who was responsible. Examples of subrogation To better understand insurance subrogation, it can be helpful to look at examples. Here are a few scenarios where an insurance company might file a subrogation claim against an at-fault party's insurer. Example 1: Another driver totals your car You're hit by another driver in a car accident, and your car is a total loss. Your car insurance company pays you a settlement of $10,000, which is what your car was worth after the crash. Because the other driver was fully responsible, your insurance company decides to file a subrogation claim against the at-fault driver's insurance company to recoup the $10,000 it paid you. Learn more: 6 steps to find cheap car insurance Example 2: A vehicle damages your home A delivery truck is coming up your driveway on a snowy day and slides on a patch of ice. The truck hits the front of your house and causes $30,000 worth of damage. Your home insurance company covers the $30,000 to repair your house, then attempts to get their money back from the delivery driver's insurance company through subrogation. Learn more: How to shop for homeowners insurance in 5 steps Example 3: A neighbor's dog bites you You encounter your neighbor's dog when you're out for a walk, and it bites you. You go to the emergency room and need several stitches. The final bill for your visit is $4,000. Your health insurance coverage takes care of the medical bills, but it decides to file a subrogation claim against your neighbor's insurance company to recover the $4,000 it paid you. Learn more: How does pet insurance work? A complete guide. Up Next Up Next How does subrogation work? If your insurance company decides to subrogate a claim, there's not much you need to do. Typically, the insurance company will handle the entire subrogation process from start to finish, including all communication with the at-fault party's insurance company. When pursuing a claim, your insurance company must include the cost of your deductible (if you paid one) in the total amount it asks for. This doesn't always mean you'll get your deductible back, since it depends on what your insurer gets from the responsible party. But in many cases, you might recoup some or all of the deductible you paid. Learn more: What you need to know about car insurance deductibles Even though the subrogation claims process is mostly passive for the insured, your insurer still has to notify you, and you have to cooperate with their efforts. If a subrogation claim is successful, your insurance company will be reimbursed for the money it paid for your claim. How does subrogation affect insurance premiums? When insurance companies are constantly paying out expensive claims for policyholders, it can negatively impact their profitability and eventually lead to rate increases for customers. However, subrogation can prevent this from happening. Through subrogation, insurance companies are able to get back some or all of the money paid out in claims, which helps them remain financially stable. Because the insurance company isn't losing as much money, rates are typically kept lower than they would be otherwise. Learn more: What is a car insurance premium, and how is it calculated? This embedded content is not available in your region. Pros and cons of subrogation Subrogation in insurance has pros and cons for the insurance company and the insured party. Here's what to know about the benefits and limitations of subrogation in insurance: Pros Enables the insurance company to recoup its financial losses after paying out a claim Subrogations can potentially help insurance companies keep rates low In some cases, policyholders are able to recover the deductible paid out Can sometimes expedite the insured's claim payout Cons Complex subrogation claims can sometimes take a long time to settle There's no guarantee that the insurer will be able to get their money back Can lead to litigation if the at-fault party's insurance company doesn't cooperate If the insured and the responsible party know each other, subrogation could cause tension What is a waiver of subrogation? Some insurance policies include a waiver of subrogation. As the term suggests, a waiver of subrogation prevents an insurance company from seeking compensation from an at-fault party's insurance carrier after reimbursing a customer for a covered loss. For an insurer, agreeing to waive its right to subrogate exposes the company to additional risk. Once your insurer pays out a claim, it can't seek reimbursement from the responsible person's insurance company. Because of that, insurance policies that include a waiver of subrogation often have higher rates. Here are a few examples of where subrogation is typically waived to reduce the risk to third parties: Construction contracts Tenant/landlord contracts Vendor contracts Insurance subrogation FAQs What happens if I ignore a subrogation claim? Ignoring a subrogation claim can have consequences. If you don't respond, you could face fines and potential legal action. It could also delay your claim settlement. What happens if the fault is shared between two parties? Subrogation claims with shared responsibility can be complicated. It could prevent the insurance company from recovering all the money it paid out for the claim. The situation will mostly depend on the comparative negligence laws in the state where the loss occurred. How long does insurance subrogation take? Insurance subrogation can take anywhere from a few weeks to a few months — or even longer. Simple cases are usually resolved quickly, whereas complex claims can take much longer. The length of time also depends on the willingness of both insurance companies to cooperate and settle the claim. Tim Manni edited this article.
Yahoo
22-07-2025
- Business
- Yahoo
W.R. Berkley Q2 Earnings and Revenues Surpass Estimates
W.R. Berkley Corporation's WRB second-quarter 2025 operating income of $1.05 per share beat the Zacks Consensus Estimate of $1.03 per share. The bottom line increased about 1% year over year. The insurer benefited from higher underwriting gains and improved investment income, notwithstanding above-average industry catastrophe losses during the quarter. Behind the Headlines W.R. Berkley's net premiums written were $3.4 billion, up 9.9% year over year. The figure was lower than our estimate of $3.6 revenues came in at $3.6 billion, up 7.9% year over year, on the back of higher net premiums earned as well as improved net investment income, higher insurance service fees and other income. The top line beat the consensus estimate by 1.8%. W.R. Berkley Corporation Price, Consensus and EPS Surprise W.R. Berkley Corporation price-consensus-eps-surprise-chart | W.R. Berkley Corporation Quote Net investment income grew 1.9% to $379.3 million, reflecting higher yields on expanding domestic fixed-maturity portfolio. The strength of operating cash flow continues to drive growth in net investable assets. Its current new money rates remain comfortably above average book yield, positioning WRB well for further investment income growth. Our estimate was $358.5 million. The Zacks Consensus Estimate was pegged at $358 million. Total expenses increased 11.4% to $3.1 billion due to higher losses and loss expenses. Our estimate was $3 billion. The loss ratio deteriorated 50 basis points (bps) to 63.1, while the expense ratio remained flat year over year at losses of $99.2 million in the quarter were wider than $89.7 million incurred in the year-ago quarter. The consolidated combined ratio (a measure of underwriting profitability) deteriorated 50 bps year over year to 92.1. The Zacks Consensus Estimate was 91. Segment Details Net premiums written at the Insurance segment increased 7.2% year over year to $3 billion in the quarter, primarily due to higher premiums from other liability, short-tail lines, auto, workers' compensation and professional liability. Our estimate was $3 billion. The combined ratio deteriorated 30 bps to 92.1. The Zacks Consensus Estimate was 93. Our estimate was premiums written in the Reinsurance & Monoline Excess segment increased 6.8% year over year to $337.7 million due to higher premiums at Casualty, Property and Monoline excess. The figure was lower than our estimate of $367.1 million. The combined ratio deteriorated 630 bps to 87. The Zacks Consensus Estimate was 81. Our estimate was 78.9. Financial Update W.R. Berkley exited the second quarter of 2025 with total assets worth $42.7 billion, up 5.5% from year-end 2024. Senior notes and other debt remained flat from 2024 end levels at $1.8 value per share increased 6.8% from 2024 end level to $24.50 as of June 30, flow from operations was $1.5 billion in the first half of 2025, down 11.1% year over return on equity contracted 200 bps to 20%.WRB returned $223.8 million to shareholders, consisting of $189.7 million of special dividends and $34.1 million of ordinary dividends. WRB's Zacks Rank WRB currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Performance of Other Insurers The Travelers Companies TRV reported second-quarter 2025 core income of $6.51 per share, which beat the Zacks Consensus Estimate by 83.8%. Total revenues increased 6.7% from the year-ago quarter to $12.1 billion, primarily driven by higher premiums, improved net investment income, higher fee income and other revenues. The top-line figure, however, missed the Zacks Consensus Estimate by 0.7%.Net written premiums increased 4% year over year to a record $11.5 billion, driven by strong growth across all three segments. The figure was higher than our estimate of $10.9 billion. Travelers witnessed an underwriting profit of $1 billion against a loss of $65 million incurred in the year-ago quarter. The consolidated underlying combined ratio of 84.7 improved 300 bps year over year. The combined ratio improved 990 bps year over year to 90.3 due to lower catastrophe losses, an improvement in the underlying combined ratio and higher net favorable prior year reserve development. The Zacks Consensus Estimate was pegged at Progressive Corporation's PGR second-quarter 2025 earnings per share of $4.88 beat the Zacks Consensus Estimate by 10.1%. The bottom line increased 84.1% year over year. Net premiums written were $20 billion in the quarter, up 12% from $17.9 billion a year ago. Net premiums earned grew 18% to $20.3 billion. The reported figure surpassed the Zacks Consensus Estimate of $20.1 billion. Operating revenues increased 19.5% year over year to $42.2 billion, driven by 19% higher net premiums earned, a 29.3% increase in net investment income, an 18.9% rise in fees and 28% higher service Corp. RLI reported second-quarter 2025 operating earnings of 84 cents share, beating the Zacks Consensus Estimate by 12%. The bottom line, however, decreased 2.3% from the prior-year quarter. Operating revenues for the reported quarter were $441 million, up 6.9% year over year, driven by 6% higher net premiums earned and 16% higher net investment income. The top line, however, missed the Zacks Consensus Estimate by 0.5%.Underwriting income of $62.2 million decreased 11.14% year over year. The combined ratio deteriorated 300 bps year over year to 84.5. The Zacks Consensus Estimate for the metric was pegged at 88, while our estimate was 42.9. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RLI Corp. (RLI) : Free Stock Analysis Report The Travelers Companies, Inc. (TRV) : Free Stock Analysis Report W.R. Berkley Corporation (WRB) : Free Stock Analysis Report The Progressive Corporation (PGR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
18-07-2025
- Business
- Bloomberg
Fukoku Life Plans to Step Up Japanese Government Bond Purchases
Fukoku Life Insurance may increase its purchases of Japanese super-long bonds just as the nation's debt market trembled this week ahead of upper house elections. The insurer has raised its local bond purchase target for the current fiscal year to several hundred billion yen from the initially planned 30 billion yen, and is focusing on Japanese government debt to capitalise on higher super-long-term interest rates.
Bloomberg
08-07-2025
- Business
- Bloomberg
Great Eastern to Resume Trading After Delisting Bid Fails
Great Eastern Holdings Ltd. 's shares will resume trading in Singapore, after the insurer failed to win enough shareholder support for its delisting plan that was backed by Oversea-Chinese Banking Corp., according to people with knowledge of the matter. About 63.5% of the insurer's minority shareholders voted for a delisting but that fell short of the 75% threshold needed to take Great Eastern private, said the people who asked not to be identified as they were not authorized to speak publicly before an official announcement.
