Industry News

  auto insurance-SF

Commercial Auto Insurance Underwriting Losses To Continue

US property and casualty insurers continue to face substantial underwriting losses on commercial automobile insurance, according to Fitch Ratings. The segment is poised for a ninth consecutive year of underwriting losses in 2019, with only moderate results improvement anticipated.
September 20, 2019 Read More
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IVANS: Market Continuing To Harden

IVANS announced its August 2019 results showing an uptick in premium renewal rate change across nearly all of the commercial lines products except business owners policy, which experienced a slight negative change.
September 20, 2019 Read More

Business Leaders Are Not Focused on Cyber-Risk Issues

A new Marsh report found that a majority of board members and senior executives responsible for their organizations' cyber-risk management had less than a day in the last year to spend focused on cyber-risk issues.
September 19, 2019 Read More
  Agriculture Overview

IRMI Launches "Agribusiness Risk and Insurance" ("ARI")

International Risk Management Institute, Inc. (IRMI), recently launched "Agribusiness Risk and Insurance" ("ARI"), a comprehensive online reference for risk management and insurance professionals that provides unbiased analysis of agribusiness exposures and best practices for agribusiness risk management and insurance programs.
September 18, 2019 Read More
  Crumbling House Foundation-SF

Crumbling Foundations Captive Prepares for Upcoming Bond Allotment

The Connecticut Bond Commission is set to approve this September's $20 million bond allotment for the Connecticut Foundation Solutions Indemnity Company, Inc., crumbling foundations captive. The $20 million allotment will allow the captive to resume its previously suspended operations, albeit on a limited basis.
September 17, 2019 Read More
  Departures Sign-SF

Key Executives Depart from Artex

Captive manager Artex Risk Solutions has disclosed that several key executives have left the company. Executives Karl Huish, Jeremy Huish, and Berri Walker left Artex at the end of August.
September 16, 2019 Read More
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NAIC and APCIA React to IAIS' International Standard-Setting

The National Association of Insurance Commissioners (NAIC) and the American Property Casualty Insurance Association (APCIA) take issue with the International Association of Insurance Supervisors' (IAIS) draft of an insurance capital standard (ICS).
September 13, 2019 Read More
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NCCIA Announces Changes for 2020 Annual Conference

The North Carolina Captive Insurance Association (NCCIA) recently announced two changes for its 2020 annual conference.
September 13, 2019 Read More
  Constant Change-SF

Change Is Quickening for the Re/Insurance Industry

The abundance of capital in the reinsurance market has impacted the entire reinsurance value chain, has increased cost sensitivity, and is requiring reinsurers to find new ways of creating value for primary insurers, according to Swiss Re.
September 12, 2019 Read More
  An increasing circular bar graph with an arrow bouncing up it resting on financial papers

US Commercial Insurance Prices Pick Up Significantly

US commercial insurance prices increased by nearly 4 percent in the second quarter of 2019 compared to prices charged during the second quarter of 2018, according to Willis Towers Watson's latest "Commercial Lines Insurance Pricing Survey."
September 10, 2019 Read More
  Word Resilience on a Road Sign with Brown Grass and Mountains in Background

World Economy Has Record-High Protection Gap of $1.2 Trillion

Today's world economy is less resilient than in 2007, according to the Swiss Re Institute and the London School of Economics. They posit that insurers could boost global financial resilience by closing a record-high $1.2 trillion composite protection gap for 3 areas of risk: natural catastrophes, mortality, and healthcare spending.
September 09, 2019 Read More
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Global Reinsurance Sector's Trajectory Is Stable

Total capital dedicated to the global reinsurance industry was $559 billion midyear 2019, according to Willis Re's latest "Reinsurance Market Report." Fitch Ratings also reports a stable 2020 outlook for the global reinsurance sector.
September 06, 2019 Read More
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North American P&C Sector Exhibits Steady Performance

Fitch Ratings reported that higher investment income and modestly weaker calendar-year underwriting margins kept operating performance for North American property and casualty (P&C) insurers steady during the first half of 2019.
September 06, 2019 Read More

Risk Strategies Fortifies Captive Expertise with RMA Acquisition

Insurance brokerage and risk management firm Risk Strategies has acquired Risk Management Advisors (RMA) to bolster the firm's expertise in captive insurance, self-insurance, and other alternatives to traditional insurance.
September 05, 2019 Read More
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Insurance Sector Less Concerned about Silent Cyber Claims

According to Willis Re, the insurance sector is considerably less concerned about silent cyber exposures than it was in 2018. The finding applies to all commercial lines of business and industry groups.
September 05, 2019 Read More
  Cyber Insurance-SF-2

"Decrypt" Offers a New Cyber Reinsurance Solution

Swiss Re and Capsicum Re have launched a new cyber reinsurance solution called Decrypt, which includes embedded, silent, and affirmative cyber risks.
September 05, 2019 Read More
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Questions Remain over Newfound Reinsurance Underwriting Discipline

The global reinsurance market as a whole has exhibited more underwriting control as evidenced by a holding back of capacity at the midyear 2019 renewals; however, questions remain over the sustainability of this newfound discipline, according to AM Best.
September 04, 2019 Read More
  Senior Health Care-SF

Senior Care AssureCap Advantage Program Sees Major Progress

Creators of the senior care AssureCap Advantage underwriting program launched a little over a year ago report achievement of major advances in senior care quality improvement and loss reduction.
September 03, 2019 Read More

Reduced Underwriting Income for Property-Casualty Industry

According to A.M. Best, the US property-casualty industry's net underwriting income declined by 9.6 percent to $4.8 billion in the first half of 2019, compared with $5.3 billion in the same prior-year period.
September 03, 2019 Read More
  Job References-SF

Crumbling Foundations Captive Superintendent RFQ Process Now Underway

A national request for qualifications (RFQ) process has begun, with the goal of naming a new superintendent for the Connecticut Foundation Solutions Indemnity Company, Inc. Michael Maglaras, principal of Michael Maglaras & Company, currently holds the position and will step down in October.
August 30, 2019 Read More