Top International Insurance Journal Stories of 2024

December 30, 2024 by

The top 10 most well-read international stories for 2024 covered a diverse range of topics, including nuclear verdicts, Taylor Swift’s concert cancellations, and the return of stability of the reinsurance market. Two articles focused on the Baltimore Bridge collapse.

We’ve also included a list of some additional well-read articles which mostly focus on the hard market and whether it will last in 2025.

US Nuclear Verdicts Break Records and Drive Social Inflation to 7% in 2023: Report

Topping the list is this article about nuclear verdicts – which is mainly a US topic – but it’s of great interest to any company with US exposures. Let’s not forget the truism: “As America goes, so goes the world.” The article said that US nuclear verdicts broke records in 2023 with 27 court cases that each awarded compensation of more than US$100 million during 2023. Social inflation in US rose to 7% in 2023 – a 20-year high – a situation that is being driven by litigation costs from mega-jury awards, according to Swiss Re executives and a report they released titled “Litigation costs drive claims inflation: indexing liability loss trends.”

Titanic Law Helps Ship Owner Limit Bridge Collapse Liability

Coming in at number two on the list is an article covering the obscure 19th-century law that was invoked by the owner of the Titanic, in order to limit its payout for the vessel’s sinking in 1912 sinking. Legal experts say there is a path to reduce liability under this law. Here’s another article, which didn’t make it to the Top 10 international articles, but reiterates some of the messages. No doubt, the court battles will be lengthy.

Taylor Swift Cancellations Deal Blow to Insurers: Sources

At number three on the most-read list of 2024 is an article about the insurance ramifications of the cancellations of three Taylor Swift concerts in Austria, following reports that authorities had foiled a terrorist attack. Swift is popular among insurers as she rarely cancels concerts, this Reuters article said, noting that her celebrity and success mean that most specialist event cancellation insurers in London would be involved in coverage of her tour. Much event cancellation insurance tends to be insured through Lloyd’s of London by a consortium of insurers, the article said, adding that the costs of the cancellations were estimated by DBRS Morningstar to be in the tens of millions of dollars.

What were the top stories in each region? Glad you asked.

If China Invades Taiwan, It Would Cost World Economy $10 Trillion

The global supply chain is dependent on imports from Taiwan, which is probably why an article on how a Chinese invasion of the island would affect the global economy came in at number four on the list of most well-read articles. As the Bloomberg article says: “War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it.” The estimated price tag would be around $10 trillion — or equal to about 10% of global GDP — which would dwarf the blow from the war in Ukraine, the COVID pandemic and global financial crisis.

Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B

This article details Swiss Re’s decision to withdraw from its digital B2B2C insurance business iptiQ, following a strategic review when the group decided to focus on core activities.

Update: Beryl Rakes Mexico’s Yucatan With Hurricane Winds and Heavy Rain

Natural catastrophes and and their costs — both economic and insured — are always of interest to our readers. This article about Hurricane Beryl, which in July pummeled Mexico’s Yucatan Peninsula and later crossed into Texas, came sixth in our top 10 list.

Baltimore Bridge May Trigger Historic Marine Loss, Lloyd’s of London Says

A second article about the devastating collapse of the Francis Scott Key Bridge in Baltimore also hit our top 10 list of international articles. Lloyd’s of London Chief Executive Officer John Neal was quoted saying that the accident had the potential to be among the largest ever in marine insurance. “It’s a multi-billion dollar loss,” he said in an interview with Bloomberg, while acknowledging (in March) that it was too early to provide an exact claims total.

Another Banner Year Seen by 5 Publicly Traded Insurance Brokers in 2023

Five of the largest publicly traded insurance brokers — Marsh & McLennan Cos., Aon, Arthur J. Gallagher, WTW and Brown & Brown – reported generally strong revenues in 2023, with annual increases ranging from 7% (Aon) to 18% (Arthur J. Gallagher). This wrap-up of the results was ranked at number 8.

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

This article discusses a growing captive insurance market as insurers decide whether climate-related risks are too big to cover. The market for in-house insurance has surpassed a record $200 billion, which the article attributes to a hotter, less stable planet, which is redrawing the risk map for corporations.

A Return to Balance: Brokers Say Reinsurance Renewals Were ‘Stable’

This article on 2024’s January reinsurance renewals contrasted how the market had stabilized from year earlier when reinsurers appeared to have a collective nervous breakdown, deciding that they were too exposed to storms with high frequency and severity. Losses had been rising and they needed to cover their cost of capital so they responded by unceremoniously raising attachment points and adjusting terms and conditions. A year later, the market had stabilized and there had been a return to supply/demand balance, said brokers, which also described the renewals as predictable, orderly, calmer, disciplined, with increased reinsurer appetites. Everyone is waiting to see if that resolve will be maintained.

Other well-read stories of 2024 include:

Here’s a video discussing the top 10 International articles, produced by Wells Media Group editors and our new-media team.

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