Gallagher Re reports lowest global insured catastrophe losses for first nine months since 2019

The Connected Podcast: News and Events in the Insurance Ecosystem The Connected Podcast: News and Events in the Insurance Ecosystem In the latest segment of The Connected Podcast, we delve into the key developments shaping the insurance ecosystem. This episode kicks off with some uplifting news from Gallagher Re, revealing that global insured losses from natural disasters stood at $92 billion from January to September 2026. This figure marks the lowest in several years, 29% below the 10-year average, providing a temporary financial respite for the insurance industry despite ongoing challenges from extreme weather events. Switching focus to the U.S. housing market, we're witnessing a concerning trend: home insurance rates are climbing, with premiums surpassing property tax bills in many counties. This situation highlights growing affordability issues exacerbated by climate-related impacts, potentially influencing political agendas as we approach the midterm elections. In the realm of automotive insurance, an exciting collaboration between Entegral and GEICO aims to revolutionize the claims process through enhanced technology. This partnership promises a more efficient and customer-friendly experience, leveraging GEICO's strong satisfaction rate. On the technology front, the UL Research Institutes’ Fire Safety Research Institute has released a compelling report on improving wildfire risk management. This provides vital insights to help emergency officials optimize evacuation and preparedness strategies. Financially, Old Republic International Corporation's third-quarter 2026 performance presents a mixed picture, with declines in net income and operating income but modest gains in net premiums and investment income. Their stable combined ratio underscores the delicate balance between growth and efficiency, which remains crucial for insurance financial strategists. Exploring further into consumer behavior, LexisNexis Risk Solutions unveiled a study indicating that 86% of U.S. auto insurance customers prioritize price when switching policies. This shift towards continuous value assessment over static renewal decisions urges the industry to rethink bundling approaches and price sensitivity. Additionally, the Insurance Institute for Highway Safety points out significant disparities in crash avoidance performance between commercial vehicles and passenger vehicles, with many cargo vans and heavy-duty pickups receiving poor ratings. However, standout models like the Mercedes-Benz Sprinter 2500 emphasize the critical need for improved safety measures. Data security challenges persist, with Kroll's report revealing that 69% of organizations faced a data breach in the past year, significantly affecting the financial and tech sectors. This heightens the need for increased vigilance from insurance companies, especially those dealing with third-party providers. The advent of AI introduces complexities in customer service, as AI agents sourcing insurance quotes challenge insurers to adapt their customer interaction strategies without compromising service or compliance. Discussed at InsureTech Connect, it's vital for firms to align practices with evolving technological advances. Lastly, GEICO is entangled in a legal battle in New York, accusing four pharmacies of participating in a fraudulent scheme to extract $10.8 million through deceptive no-fault auto policy claims. This case casts a spotlight on ongoing fraud challenges within the insurance industry as GEICO actively seeks recovery of lost funds. Links: Gallagher Re reports lowest global insured catastrophe losses for first nine months since 2019 Home Insurance Tops Property Taxes in Squeeze for US Households Entegral and GEICO Partner to Enhance Auto Claims Experience UL Research Institutes Releases New Report Defining Roadmap for Next-Generation Wildfire Risk Intelligence OLD REPUBLIC REPORTS RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2026 LexisNexis Risk Solutions Consumer Study Finds Price Is Reshaping U.S. Auto Insurance Shopping and Loyalty Cargo vans and work pickups struggle in IIHS crash avoidance tests 7 out of 10 Individuals Hit by Data Breaches Via Third Party, Kroll Finds When an AI Calls, Who Should Answer? $1,787 per prescription: GEICO alleges four-pharmacy pain cream ring