While the level of ransomware attack activity has fluctuated through 2021 as public scrutiny of ransomware attacks has increased, the level of that particular cyber threat remains elevated, according to a new report from Aon. The pace of attacks has risen and fallen several times during 2021.
Increased losses and expenses led to a $6.1 billion underwriting loss for the US property-casualty insurance industry over the first 9 months of 2021, according to A.M. Best. The industry's combined ratio weakened from the same period in 2020 to 99.5 percent.
Global insurance premiums should exceed $7 trillion for the first time by mid-2022, according to a new sigma report from the Swiss Re Institute. The Swiss Re report, "Turbulence after lift-off: global economic and insurance market outlook 2022/23," says global insurance premiums should increase by 3.3 percent in 2022.
Guernsey's insurance sector has pledged to be carbon neutral by 2050, with the Guernsey International Insurance Association signing on to the SME Climate Hub's Climate Commitment. Participants commit to take immediate action to halve their greenhouse gas emissions before 2030, achieve net-zero emissions before 2050, and disclose progress yearly.
North American commercial insurance prices are expected to gradually soften, bringing a deceleration in premium increases and further stability in 2022, according to Willis Towers Watson. Willis Towers Watson notes that after several cycles marked by steep premium increases, the commercial insurance marketplace has taken significant steps toward correcting itself.
The four largest European reinsurers showed strong improvements during the first three quarters of 2021 compared to their performance during the same period last year, according to Fitch Ratings. On average, the four reinsurers posted double-digit premium growth in property and casualty reinsurance during this year's first 9 months.
Independent insurance company manager Strategic Risk Solutions (SRS) has acquired Global Re SCC, a Barbados-registered segregated cell company (SCC). Global Re SCC joins other cell facilities SRS offers in Bermuda, the Cayman Islands, Guernsey, North Carolina, and Vermont.