Industry News

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"Cyber Insurance for Healthcare Market Survey" Now Available

International Risk Management Institute, Inc. (IRMI), has released the "Cyber Insurance for Healthcare" issue of The Betterley Report. This new report provides an overview of the market conditions and coverage trends related to cyber and privacy insurance for healthcare organizations.
November 17, 2017 Read More
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FEMA Chooses AIR Worldwide To Model NFIP Flood Risk

The Federal Emergency Management Agency (FEMA) will use AIR Worldwide's Inland Flood and Storm Surge Models for the United States to better understand the National Flood Insurance Program's (NFIP's) loss potential to help evaluate actuarially sound rates and assess the impacts of major flooding events in real time.
November 16, 2017 Read More
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Milliman To Redesign Nationwide Rating Plan for NFIP

The Federal Emergency Management Agency (FEMA) has selected Milliman, Inc., to provide actuarial consulting services to redesign flood insurance products across the National Flood Insurance Program (NFIP). Milliman will provide state-of-the-art tools, technology, and analysis to FEMA in order to design a new rating plan for NFIP policies nationwide.
November 16, 2017 Read More
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Strategic Risk Solutions Grows Presence in Barbados

Strategic Risk Solutions (SRS) has acquired CGE Group (CGE), a captive and other international business management company in Barbados. CGE's current CEO, Chris Evans, will lead the Barbados operations. The acquisition will allow SRS to establish a strong, immediate presence.
November 14, 2017 Read More
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2018 IRMI Energy Risk & Insurance Conference Registration Now Open

Energy is a risky business with specialized and very complex insurance needs. The 2018 IRMI Energy Risk & Insurance Conference (ERIC) provides a unique opportunity to discuss best practices and develop a powerful network of risk professionals who can help solve problems. Register now for the 2018 ERIC.
November 14, 2017 Read More
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CICA and Butler University Partner To Support the Captive Industry

The Captive Insurance Companies Association (CICA) and Butler University will collaborate on a professional development partnership. The alliance will help students learn about the depth and variety of career opportunities in captive insurance while giving captive leaders insights on how to make captive careers appealing to young professionals.
November 10, 2017 Read More
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A.M. Best Report: Multinational Re/Insurers Face Market Access Obstacles

Insurers and reinsurers with global operations are increasingly encountering market access issues as a political shift toward protectionism leads to barriers to trade in mature and emerging markets, according to A.M. Best's latest special report, titled "Rising Protectionism Creates Market Access Issues for Multinational Insurers."
November 09, 2017 Read More
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A Blockchain Prototype for the Captive Insurance Market

In cooperation with Ernst & Young, Ginetta, and Citi Treasury and Trade Solutions, Allianz Global Corporate & Specialty has successfully implemented a blockchain prototype for a global captive insurance program. The technology aims to increase efficiency in the captive organization's international insurance transactions by accelerating and simplifying functionalities.
November 09, 2017 Read More
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The Long Soft Market for Commercial Property Insurance Could Be over

The Willis Towers Watson's "Marketplace Realities 2018" report reveals that commercial insurance buyers are likely to face rate increases for 2018 insurance programs as the industry continues to tally losses following one of the most active and financially disruptive hurricane seasons in history.
November 07, 2017 Read More
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IVANS October: Increased Variance in Commercial Lines Rate Change

IVANS has announced its October results in "IVANS Index: Premium Renewal Rate Index." The premium renewal rate change across the industry remained mainly positive but demonstrated more variance month to month than prior months. Businessowners policy continues to trend downward but remains the line of business with the highest premium renewal rate change.
November 03, 2017 Read More
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Resilience Economics Formed To Focus on Climate Risk

Resilience Economics Ltd., a corporate finance advisory firm focused on climate risk, has been launched to use advanced data science to structure new and innovative climate risk capital solutions for prominent institutions and governments around the world.
November 02, 2017 Read More
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KBRA's Global Captive Insurer Rating Methodology Is Freshly Released

Kroll Bond Rating Agency's (KBRA's) Global Captive Insurer Rating Methodology is now published. The methodology describes the major quantitative and qualitative factors KBRA considers when assessing the financial strength of captive insurers.
November 02, 2017 Read More
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AIR Estimates California Wildfire Insured Losses Up to $3 Billion

Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the Tubbs, Pocket, Nuns, Atlas, Redwood, and Sulphur fires in California will be between $2 billion and $3 billion. AIR's loss estimates capture residential, mobile home, commercial, and automobile losses, as well as direct business interruption losses.
November 01, 2017 Read More
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NAIC Testimony to Congress Advocates States' Role in Insurance Issues

Connecticut Insurance Commissioner Katharine L. Wade testified before Congress representing the National Association of Insurance Commissioners (NAIC). Ms. Wade responded to questions about the appropriate role for the federal government in insurance issues. The hearing focused on the federal government's international and domestic engagement.
October 31, 2017 Read More
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US Treasury Report Examines the Insurance Industry's Regulatory Framework

The US Department of the Treasury has issued a report examining the current regulatory framework for the asset management and insurance industries. The report examines the current regulatory framework and recommends actions to align the regulatory framework with the "core principles" for financial regulation outlined in President Donald Trump's Executive Order.
October 31, 2017 Read More
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"CICR" Reports on Alabama Captive Conference

Broaden your captive knowledge horizon and stay informed about the latest captive insights and updates by reading the November issue of "Captive Insurance Company Reports" ("CICR"). Editor Mike Mead attended the Alabama Captive Association 2017 Conference and shares information and insights about the event. His report is among a variety of topics covered in this issue.
October 30, 2017 Read More
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PRA Delivers on Commitment To Improve Solvency II Implementation

The Prudential Regulation Authority (PRA) is publishing a series of consultation papers intended to improve the implementation of certain aspects of Solvency II. The first consultation paper, "Solvency II: Matching Adjustment," closes January 31, 2018, and has been made available for feedback and inquiry.
October 27, 2017 Read More
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NAIC Insurance Data Security Model Law Adopted

On October 24, 2017, the National Association of Insurance Commissioners (NAIC) adopted the Insurance Data Security Model Law during a joint meeting of the Executive Committee and Plenary.
October 26, 2017 Read More
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Willis Reveals Investor Interest in ILS Is Higher Now Than Ever Before

According to the latest Willis Towers Watson quarterly insurance-linked security (ILS) market update, the third quarter of 2017 brought "typically slow" ILS activity with "atypical" natural disaster activity. In response, ILS investors are making payments to ceding companies and continue raising additional money in preparation for new investments.
October 26, 2017 Read More
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Guy Carpenter Report Says P&C Growth in Surplus May Be Misleading

Guy Carpenter & Company, LLC's 2017 annual report, "Plotting a Path in a Changing Market," finds that while the US property and casualty (P&C) insurance industry is well capitalized and market sentiment mostly positive, there is still evidence of economic and market-based headwinds that will challenge profitable growth.
October 24, 2017 Read More