Social and economic inflation drove US personal and commercial auto liability claims payouts $96 billion to $105 billion higher between 2013 and 2022, according to a new study from the Insurance Information Institute (Triple-I). The Triple-I study found that commercial insurers saw losses grow faster than the overall economy.
While year-over-year average premium renewal rate changes varied among commercial insurance lines in this year's third quarter, all rates were up month-over-month in September, according to the "IVANS Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service.
The US property-casualty insurance industry experienced an increase in credit rating downgrades during the first half of 2023, reflecting a difficult period for the personal lines segment, according to A.M. Best. The rating agency reported that the number of property-casualty downgrades outpaced upgrades during this year's first 6 months.
While the commercial cyber-insurance market is stabilizing and perhaps even softening, there's still a place for captive insurance in organizations' cyber-insurance programs, a new white paper from Milliman contends. Employing captives in cyber-insurance programs offers several potential advantages, according to the Milliman white paper.
Macro- and micro-level studies of group captives indicate that member-companies improve workplace safety and risk control after joining. By strenghtening their risk control efforts, group captive members can also ultimately realize savings in the form of reduced premiums.