Industry News

  Cyber Criminal 480 x 377

New "Cyber-Physical" Risk Modeling for Property Insurers

According to RMS, the risk of insurance losses through physical damage to property increases as hackers target control systems linked to the Internet. The firm has responded with a new class of "cyber-physical" risk models that explore a range of cyber-attack scenarios that can lead to physical property damage.
March 16, 2018 Read More
  auto insurance-SF

Pinnacle and Carfax Connect To Deliver Data Analytics to Auto Insurers

Pinnacle Actuarial Resources and Carfax Banking & Insurance have launched a data analytics group to deliver actionable, data-driven insights to automobile insurers to help them benchmark their book of business against the broader market and identify adverse selection trends in areas such as annual mileage, ownership history, and damage events.
March 15, 2018 Read More
  Blind Justice-SF

Capstone Examines Avrahami in New Captive Management Resource

Capstone Associated Services has released a new captive management resource that discusses the captive insurance industry case Avrahami v. Commissioner, 149 T.C. 7 (2017). According to Capstone, the collective conversation has grown—with abundant misunderstandings—since the decision was handed down by the Tax Court in August 2017.
March 14, 2018 Read More
  Award Trophy

CICA Honors Captive Industry Contributors at Its Annual Conference

At its annual International Conference, the Captive Insurance Companies Association (CICA) honored Energy Insurance Services, Inc. (EIS), with the CICA 2018 Outstanding Captive Award and the European Captive Insurance and Reinsurance Owners' Association (ECIROA) with the CICA Distinguished Service Award.
March 14, 2018 Read More
  medical cyber risk-SF

Captive Insurance Is a Strategic Tool for Managing Hospital Cyber Risk

In a recent interview, Cleveland Clinic's Executive Director of Enterprise Risk and Insurance, Charles Kolodkin, and Clearwater Compliance's CEO, Bob Chaput, discuss steps in developing a hospital cyber risk management strategy and share how captive insurance companies prove to be critical in the ongoing effort to manage and reduce cyber risk.
March 13, 2018 Read More
  Negative Trend 480x377

RAA Reports US Reinsurers Close 2017 with Deteriorated Combined Ratio

A Reinsurance Association of America (RAA) survey of reinsurers' statutory underwriting results reveals the combined ratio for a group of 18 US property and casualty reinsurers was 108.2 percent during the 12 months that ended December 31, 2017, deteriorating from the 95.2 percent combined ratio reported for the same period in 2016.
March 12, 2018 Read More
  Guernsey Flag 480x377

Guernsey Captive Insurer To Cover Complex Litigation and Arbitration

Guernsey-based arbitration and litigation finance provider Burford Capital will establish its own insurance company, Burford Worldwide Insurance, in Guernsey to offer legal finance clients a new insurance product to address adverse costs risk for the larger complex commercial litigation and arbitration market.
March 09, 2018 Read More

IRMI: Indianapolis Agribusiness Conference Registration Now Open

Registration for the 2018 Emmett J Vaughan Agribusiness Conference (AgriCon), to be held June 6–7, 2018, at the Westin Indianapolis in Indianapolis, Indiana, is now open. This will be the second of three planned regional conferences focusing on risk management and insurance for farms, ranches, and other agribusinesses.
March 08, 2018 Read More
  market share-SF

NAIC Releases 2017 Property-Casualty Insurer Market Share Data

The National Association of Insurance Commissioners (NAIC) recently released data on property-casualty insurers. The data include market share information indicating the degree of market concentration in lines of business and identify leading insurance writers. The 2017 market share data include countrywide direct written premium for the top 25 insurers.
March 08, 2018 Read More
  Upward trend 2018-SF

P&C Industry Awash in Capital, According to KBRA 2018 Outlook Report

Kroll Bond Rating Agency (KBRA) released its latest report, titled "Insurance: U.S. Property/Casualty Industry 2018 Outlook." According to the report, the US property and casualty industry has experienced favorable operating trends since 2012, with the following prevailing positive conditions: capital growth, no major catastrophes until third quarter 2017, abundant reinsurance capacity, and favorable reserve releases.
March 06, 2018 Read More
  Number One-SF

Inbound: AXA and XL Group Number One Global P&C Commercial Lines Insurer

AXA is set to acquire 100 percent of XL Group Ltd., for a total consideration of $15.3 billion. The transaction is expected to be completed in the second half of 2018. This transaction will enable the Group to become the number one global property and casualty (P&C) commercial lines insurer based on gross written premiums.
March 06, 2018 Read More
  CICA Julie Mix McPeak-SF

NAIC President To Attend CICA Conference

The Captive Insurance Companies Association (CICA) has announced that Julie Mix McPeak, president of the National Association of Insurance Commissioners (NAIC), will attend the CICA 2018 International Conference March 12 at the Westin Kierland Resort and Spa in Scottsdale, Arizona. Online registration closes at noon, central standard time, March 6.
March 05, 2018 Read More
  Europe Continent 480x377

Strategic Risk Solutions Europe Launches Carbon Emission Risk Program

Strategic Risk Solutions Europe has announced the launch of its carbon emission risk program. The program will initially involve a series of workshops where sustainability directors and risk managers are invited to learn how they can identify, manage, and finance the carbon emission risks their firms face.
March 02, 2018 Read More
  Bermuda flag-SF

Bermuda Continues To Lead Global Insurance-Linked Securities Market

Bermuda registered a total of 58 new insurers in 2017, ranging from captives and long-term re/insurers to special purpose insurers, according to the latest Bermuda Monetary Authority statistics.
March 01, 2018 Read More
  technology upgrade-SF

Insurers Remain Behind the Technology Curve and They Know It

A.M. Best believes insurance companies' investments in technology upgrades would help them to remain relevant and benefit financially over the long term. A recent A.M. Best survey shows that insurance companies concur and are increasingly harnessing data to improve all aspects of their business.
March 01, 2018 Read More
  Tax Law Calculator-SF

Captive Insurance Persists Despite the New Tax Law

"Captive Insurance Company Reports" Editor Mike Mead says that in the wake of tax reform following the passage of the Tax Cuts and Jobs Act, some may need to be reminded of the premise that taxes are not a reason to form a captive insurance company.
February 28, 2018 Read More
  Europe 480x377

Survey Tracks Global Cyber-Risk Perception Leading into GDPR Implementation

The upcoming implementation of the European Union's General Data Protection Regulation (GDPR), that takes effect in May 2018, has elevated cyber risk to the top of the corporate agenda for organizations doing business in Europe according to a Marsh report titled "GDPR Preparedness: An Indicator of Cyber Risk Management."
February 27, 2018 Read More
  Tonga Flag 480x377

Behind Cyclone Gita, Captive Insurer Provides Record Payout to Tonga

Seven days after Cyclone Gita ravaged Tonga, its government received a $3.5 million insurance payout from the Pacific Catastrophe Risk Insurance Company (PCRIC), according to the World Bank. PCRIC is a captive insurance company whose parametric insurance policies are designed to payout within 10 days of a triggered event.
February 27, 2018 Read More
  Long-Term Care-SF

Demand for Long-Term Care Products Outpaces Supply

A steady increase in claims and unfavorable experience for long-term care insurers, combined with needed reserve increases, have continued to place pressure on many long-term care insurers' capital and earnings, according to a new A.M. Best report on the segment.
February 26, 2018 Read More
  Happy Youth 480x377

Gamma Iota Sigma (GIS) Brings Together Employers and Students

February marks Insurance Careers Month and Gamma Iota Sigma (GIS), the insurance industry's collegiate talent pipeline, presented The Pipeline Virtual Career Fair on February 13, 2018, bringing employers together with students pursuing careers in the insurance industry and providing single-point access to companies seeking entry-level and internship candidates.
February 23, 2018 Read More