Market News
Inflationary Trends Having an Impact on Property Insurance Costs
With general inflation at a 40-year high, inflation on goods and services related to property insurance is up 10 to 20 percent over the past year, according to a report from Aon. The Aon report says that material costs and labor shortages have increased costs for all types of building. Learn More
Number of Newly Impaired US Insurers Grew in 2021: A.M. Best
The number of US-domiciled insurers rated by A.M. Best that became impaired increased to nine in 2021 from two in 2020, according to the rating agency. The information is from the 19th annual update on the long-term impairment rates of US-domiciled insurers rated by A.M. Best. Learn More
Risk Retention Groups' Premiums Saw Sharp Growth in 2021: Report
Risk retention groups' (RRGs') premium volume increased significantly in 2021, according to the Risk Retention Reporter. RRGs' gross premiums rose to just over $4.34 billion last year, a nearly 13.6 percent increase from 2020, when RRGs generated close to $3.84 billion in gross premiums, the publication reported. Read More
Climate Change, Technology, Other Sources Pose Host of Emerging Risks
Crypto assets and quantum computing are creating new risks in the global financial system, while climate change is producing an entirely new set of emerging risks, according to a new report. The latest Swiss Re SONAR report examines a variety of emerging risks across technological, economic, social, and environmental areas. Read More
Fitch Maintains Neutral Midyear Outlook for Most Insurance Sectors
Fitch Ratings says its neutral midyear outlooks for the vast majority of insurance sectors and regions reflect steady fundamentals across most markets despite the evolving bearish economic climate. Non-life insurers can potentially mitigate some inflation pressures through repricing and investment earnings as interest rates rise, the rating agency said. Read More
New APCIA Paper Outlines Cyber and Data Security Best Practices
The American Property Casualty Insurance Association (APCIA) and its Cyber Insurance Subcommittee have developed a paper outlining cyber-security and data-security best practices for businesses. Among the cyber-security best practices highlighted in the paper, "Cybersecurity and Data Security Best Practices," are steps such as multi-factor authentication. Read More
After 3 Years, Some Commercial Lines See Rate Increases Slowing
After 3 years of significant rate increases, the commercial insurance market is moving toward rate adequacy, with rate increases decreasing slightly, a new report suggests. The trend in every coverage line isn't equal, however, according to the "Gallagher 2022 Spring/Summer Insurance Market Report" from Arthur J. Gallagher & Co. Read More