Industry News

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COVID-19 Pandemic Could Contribute to Record Catastrophe Losses

Guy Carpenter said the COVID-19 pandemic looks to rank among the insurance and reinsurance sector's most expensive events, contributing to total 2020 catastrophe losses ranging from $100 billion up to $160 billion. The pandemic also could be one of the slowest developing catastrophes insurers and reinsurers have experienced.
June 30, 2020 Read More

Guernsey Insurance Group Signs on to UN Green Initiative

The Guernsey International Insurance Association (GIIA) has signed on to a United Nations (UN) green program as part of its commitment to developing green and sustainable finance. The GIIA is now a supporting institution of the United Nations' Principles for Sustainable Insurance Initiative.
June 26, 2020 Read More
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July "CICR" Explores Captive Insurance Digital Transformation

Don't miss the July issue of "Captive Insurance Company Reports" ("CICR"), which explores the benefits of digital transformation to the captive insurance industry and the timeliness of the need to bring stakeholders together and implement technology-enabled solutions.
June 26, 2020 Read More
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Kentucky Captive Association Moving Annual Conference Online

Due to concerns about the COVID-19 pandemic, the Kentucky Captive Association has converted its annual conference to a virtual event. The conference, which had been originally scheduled for September at the Northern Kentucky Convention Center in Covington, will now be held online August 20.
June 25, 2020 Read More
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NAIC Report Details State Insurance Regulatory Response to COVID-19

The National Association of Insurance Commissioners (NAIC) has released its first update on the state insurance regulatory response to COVID-19, noting the pandemic's impact on the NAIC's 2020 regulatory and operational priorities. The report says that state insurance regulators and the NAIC have been closely monitoring insurers' financial health.
June 23, 2020 Read More
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Catastrophe Bond Issuance Continuing at a Brisk Pace in June

Catastrophe bond and insurance-linked securities issuance continued at a brisk pace over the past month, according to Artemis, with 2020 issuance approaching $8.25 billion. The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory showed the issuance of just over $1 billion in new cat bonds over the past month.
June 23, 2020 Read More
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Insurer Ratings Review Shows Industry's Resilience Entering Pandemic

Fitch Ratings says a review of the COVID-19 pandemic's impact on global insurance sector ratings found that the rate of negative outcomes highlights the industry's resilience going into the pandemic. The rating agency defined "negative outcomes" as the combination of negative outlooks, negative watches, and downgrades.
June 22, 2020 Read More
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Hardening Traditional Market Drives Pace of New Captive Formations

With insurance premiums rising sharply for a wide range of coverages in the traditional market, captive insurance managers and regulators see captive formations increasing dramatically over the remainder of the year, with those increases continuing in 2021.
June 22, 2020 Read More
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Including COVID-19 in Workers Compensation Could Hit Insurers' Ratings

Expanding state workers compensation laws to cover COVID-19 would increase loss estimates and pose a potential earnings hit to insurers writing workers comp, according to A.M. Best. A number of states have begun the process of enacting legislation or issued executive orders on workers compensation coverage for essential employees.
June 19, 2020 Read More
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Eversheds Sutherland Rolls Out Konexo Legal Services Provider in US

Eversheds Sutherland has rolled out its alternative legal services provider subsidiary Konexo in the United States. The firm launched Konexo in June 2019. Carmen L. Brun, who previously practiced in Eversheds Sutherland's Securities Enforcement and Litigation practice, is leading the US expansion.
June 18, 2020 Read More
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Vermont Captive Group Shares 2020 Virtual VCIA Conference Details

The Vermont Captive Insurance Association (VCIA) has shared details about its 2020 annual conference, a virtual gathering this year due to the COVID-19 pandemic. The 2020 VCIA Virtual Annual Conference will be held August 11–13, with a virtual setting the association says will be similar to a live event.
June 16, 2020 Read More
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IVANS Report Shows COVID-19's Impact on Insurance Transactions

A special COVID-19 index report from IVANS found that due to the impact of the pandemic March and April personal and commercial lines insurance transactions were down significantly. New commercial lines policy transaction volume was down 38.9 percent at the end of May relative to the beginning of March.
June 16, 2020 Read More
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Artex Launches Transportation Industry Rent-a-Captive Solution

Artex is launching a rent-a-captive solution designed for the transportation industry. Artex said Transportation Owners Protection Insurance Cell will offer participants such advantages as underwriting profit, in addition to unbundled claims handling, loss control, and claims advocacy services.
June 15, 2020 Read More
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Willis Towers Watson Launches Group Captive Middle Market Solution

Willis Towers Watson has launched a group captive solution designed for upper middle-market companies. Homestead Insurance Company Incorporated Cell will reinsure The Hartford, which will issue admitted insurance policies to members selected for the group captive program.
June 12, 2020 Read More
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Milliman Acquires healthIO To Offer Preventive Health Solution

Milliman Inc. has acquired health technology startup healthIO and launched Milliman healthIO, a combination of Milliman's predictive health analytics and healthIO's preventive health technology. Milliman said the product offering aims to make health care preventive, predictive, and participative.
June 11, 2020 Read More
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NAIC's Summer National Meeting To Be Virtual Event Due to COVID-19

The National Association of Insurance Commissioners (NAIC) will hold its Summer National Meeting in a virtual format due to challenges associated with holding large in-person meetings during the COVID-19 pandemic. The meeting, originally set for Minneapolis, will be spread over a 3-week period, beginning the week of July 27.
June 11, 2020 Read More
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Updated Forecast Projects Well-Above-Average Atlantic Hurricane Season

An updated forecast of 2020 Atlantic hurricane activity developed by researchers at Colorado State University predicts 19 named storms, including 9 hurricanes, 4 of them major hurricanes. The Colorado state forecasters said they anticipate "well-above-average activity" this hurricane season.
June 09, 2020 Read More
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Commercial Insurance Prices Increased Significantly in First Quarter

US commercial insurance prices increased significantly in the first quarter of the year, with the aggregate price change reported by insurers exceeding 6 percent for the second consecutive quarter, according to Willis Towers Watson's Commercial Lines Insurance Pricing Survey (CLIPS).
June 09, 2020 Read More
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COVID-19 Pandemic Forces Cancellation of 2020 Cayman Captive Forum

The 2020 Cayman Captive Forum has been canceled due to uncertainty caused by the COVID-19 pandemic. The forum, which had been scheduled for December 1–3, attracts 1,500 captive owners, directors, officers, reinsurers, ceding insurers, brokers, consultants, and service providers.
June 08, 2020 Read More
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Captive Regulation Largely Business as Usual during Pandemic

Experiences shared by a panel of captive insurance regulators suggest that while some things might have been done differently, captive regulation largely continued in a business-as-usual fashion during the COVID-19 pandemic. The regulators spoke in a webinar sponsored by the International Center for Captive Insurance Education.
June 08, 2020 Read More