Industry News

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Vermont Captive Group Readies for August Virtual VCIA Conference

As Vermont Captive Insurance Association (VCIA) leadership wrestled this spring with how to move forward with its annual conference, thoughts turned to presenting something that addresses pandemic realities while providing something as close as possible to the usual conference experience. The virtual event will be held August 11–13.
July 20, 2020 Read More
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Insurers Group To Promote Pandemic Backstop Alternative to Congress

The American Property Casualty Insurance Association is planning virtual meetings with members of the US House Financial Services Committee to promote the Business Continuity Protection Program (BCPP), a proposed pandemic business interruption backstop. The BCPP is designed to help businesses meet the financial challenges from future pandemics.
July 17, 2020 Read More
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New Capital Entering Insurance Market May Fuel Start-Up Class of 2020

Market dislocation resulting from the economic impact of the COVID-19 pandemic is creating opportunities for insurers in some lines of business and attracting capital to the industry, according to a new report from A.M. Best. The new capital is raising the possibility of an insurance industry start-up "Class of 2020."
July 16, 2020 Read More
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Reflections on the 2020 "FERMA European Risk Manager Report"

This article takes a look at some of the key findings and themes of the Federation of European Risk Management Associations (FERMA) 2020 "European Risk Manager Report." The analysis includes a look at survey findings concerning the use of captive insurance companies by European organizations.
July 15, 2020 Read More
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Insurance Premium Increases Continue Across Major Lines during Q2

Average insurance premium renewal rates increased across major commercial insurance lines in the second quarter of 2020, compared to the same period in 2019, according to the IVANS Index, a regular premium renewal rate index compiled by IVANS. The average workers compensation premium renewal rates remained negative, however.
July 15, 2020 Read More
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Second Wave of COVID-19 Could Challenge Insurers' Resilience: S&P

Insurers' and reinsurers' ratings have proven resilient during the first wave of the COVID-19 pandemic, largely as a result of their capital strength, according to S&P Global Ratings, though a second wave of COVID-19 could prove challenging. Those capital buffers will be eroded through the second half of the year.
July 14, 2020 Read More
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FERMA CEO Named to European Insurance Regulatory Agency Panel

The European Insurance and Occupational Pensions Authority has named Typhaine Beaupérin, CEO of the Federation of European Risk Management Associations (FERMA), to a new term on its Insurance and Reinsurance Stakeholder Group (IRSG). Ms. Beaupérin joined the stakeholder group in 2018 and will now serve 4 years on the reconstituted panel.
July 14, 2020 Read More
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Global Insurance Premium Volume To Recover Sharply in 2021: Report

After a sharp decrease in demand for insurance this year due to the impact of the COVID-19 pandemic, the insurance industry's premium volume will recover to prepandemic levels in 2021, according to a new sigma report from the Swiss Re Institute.
July 10, 2020 Read More
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Colorado State Researchers Update 2020 Atlantic Hurricane Forecast

Researchers at Colorado State University have updated their 2020 Atlantic hurricane season forecast, increasing their projection for named storms this season by 1 to a total of 20. The Colorado State team forecast continues to project 9 hurricanes this season, including 4 major hurricanes of Category 3 or greater.
July 10, 2020 Read More
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AXA XL Names Sean McGovern UK and Lloyd's Market CEO

AXA XL has named Sean McGovern CEO UK & Lloyd's market subject to regulatory approval. Mr. McGovern had been performing the role on an interim basis.
July 09, 2020 Read More
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COVID-19 Adding to the Challenges Facing Florida Property Insurers

COVID-19 is adding to the challenges of Florida property insurers, who were already dealing with higher reinsurance pricing and social inflation.
July 09, 2020 Read More
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OECD Says COVID-19 May Dampen Insurer Premium, Investment Growth

The COVID-19 pandemic could curb insurers' premium and investment growth in 2020, according to a report from the Organization for Economic Cooperation and Development (OECD). The pandemic will have various impacts on insurance companies including changing demand for policies and changes in insurers' claims experience.
July 08, 2020 Read More
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COVID-19 Pandemic May Accelerate Risk Management Trends

A recent survey of European risk managers reveals that risk management trends, such as digital transformation and the use of captive insurance, may be accelerated by the COVID-19 pandemic, some believe. The Federation of European Risk Management Associations "2020 European Risk Manager Report" collected data from 764 risk managers.
July 08, 2020 Read More
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UK Risk and Insurance Group Backs Lloyd's Pandemic Coverage Proposal

Airmic, the UK association for risk and insurance professionals, has voiced support for a framework Lloyd's of London released last week for covering business interruption caused by the COVID-19 pandemic and losses from future pandemics and systemic catastrophes.
July 07, 2020 Read More
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Pandemic Will Delay US Commercial Insurers' Premium Hike Benefits

Any benefits US commercial insurers realize from sharp premium increases will likely be delayed by the impact of the COVID-19 pandemic and related economic fallout on underwriting results, according to Fitch Ratings. Uncertain underwriting performance resulting from the pandemic will likely extend into 2021.
July 07, 2020 Read More
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North Carolina Captive Conference Canceled Due to COVID-19 Pandemic

Citing the impact of the COVID-19 pandemic, the North Carolina Captive Insurance Association (NCCIA) has canceled its upcoming annual conference. The conference, originally scheduled for May, was earlier rescheduled to August 30–September 2, 2020, at the Washington Duke Inn in Durham, North Carolina.
July 02, 2020 Read More
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Lloyd's Offers Framework for Covering Pandemics, Systemic Catastrophes

Lloyd's of London has proposed potential solutions for business interruptions resulting from government-ordered shutdowns due to pandemics or other crises, including open-source frameworks for addressing systemic catastrophic events. The solutions and frameworks include two frameworks that would require government/(re)insurance industry partnerships.
July 02, 2020 Read More
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Regulators Expect COVID-19 To Prompt Pandemic Coverages in Captives

Captive insurance companies may serve as valuable tools for many organizations addressing pandemic-related risks in the wake of COVID-19, but regulators will closely scrutinize captives' pandemic coverage plans. Policy language, triggering events, coverage details, and reinsurance will be key considerations.
July 01, 2020 Read More
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2020 Bermuda Captive Conference To Be Virtual Event Due to COVID-19

The 2020 Bermuda Captive Conference will be held as a virtual event due to continued uncertainty surrounding the COVID-19 pandemic. The online event, which had earlier been rescheduled from June to September as an in-person event, will take place September 9–11.
July 01, 2020 Read More
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New FERMA Survey Shows Hard Market Increasing Interest in Captives

A survey of European risk managers shows a growing number of companies looking to captive insurance as an alternative to a hardening insurance market. The European Risk Manager Report 2020, conducted by the Federation of European Risk Management Associations (FERMA), found 43 percent of respondents indicating they are considering using captives.
June 30, 2020 Read More