(Reuters) — Everest Group reported a higher second-quarter operating income on Wednesday, helped by strong growth in its reinsurance business and gains from investments.
Demand for insurance has remained resilient, as individuals and businesses seek risk mitigation products to guard against macroeconomic uncertainty and recession fears.
Reinsurers, which insure the insurance companies, are seeing increased competition after years of rising rates and stricter policy terms and conditions, following losses due to natural, health and geopolitical catastrophes.
The company’s gross written premiums in its reinsurance business rose 1.6% to $3.2 billion in the reported quarter.
