Market News
Reinsurance Price Hike Momentum Slowed at June, July Renewals
June and July reinsurance renewals saw pricing momentum slow compared to January renewals, particularly for non-loss-impacted placements, according to a new report from Aon. Aon’s “Reinsurance Market Outlook July 2021” noted that the slowing pricing momentum at June and July reinsurance renewals continued a trend from April. Learn More
Premium Increases Continued Across Most Lines during Second Quarter
Nearly all major commercial insurance lines experienced quarterly increases in average premium renewal rate during the second quarter of 2021, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service. Workers compensation was the only line to see premiums decrease. Learn More
Connecticut Approves License for Newly Formed United Rentals Captive
The Connecticut Insurance Department has approved the licensing of a new captive set up by Stamford, Connecticut-based United Rentals, Inc., the world's largest equipment rental company. The new captive, Harbor Point Insurance, will be used by its parent to insure a variety of risks, including property damage from natural disasters. Read More
US Government Creates Online Ransomware Resource Center
The US government has launched a new website intended to help organizations defend against the rise in ransomware attacks by providing a central location for ransomware resources and alerts. StopRansomware.gov is an interagency resource that provides guidance on ransomware protection, detection, and response on a single website. Read More
Best Details ESG Factors' Impact on Insurance Company Rating Actions
Environmental, social, and governance (ESG) factors were considered the primary driver in 13 percent of A.M. Best’s insurance company global rating actions during the 12 months through March 2021, according to a new report from the rating agency. Weather-related events and governance were the primary ESG factors driving Best's rating actions. Read More
Survey Finds Insurers Planning To Increase Automation Adoption
Global insurers plan to accelerate their use of automation over the next 5 years, according to a new survey from Willis Towers Watson. Both property-casualty and life insurers are looking to improve efficiency and auditability and close the gap between their current automation and where they'd like to be. Read More
Global Reinsurers' Tokyo Olympics Loss Could Reach $400 Million
Japan's decision to bar spectators from the Tokyo Olympics will likely cost global reinsurers $300 million to $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. That loss is only 10 percent to 15 percent of the potential loss if the Olympics been canceled, however. Read More