Market News

Cyber Market May Be Cooling, Even as Premium Growth Continues

March 23, 2023

A slower pace of rate hikes combined with reduced capacity suggests that the cyber liability insurance market might be cooling, according to A.M. Best. Strong demand for cyber insurance and substantial rate increases have made cyber insurance the fastest-growing segment in the US property-casualty market. Read More

Reliance on Semiconductors Makes Addressing Supply Chain Risk Critical

March 22, 2023

The world's transition to a digital economy relies on a resilient semiconductor industry, yet recent disruptions have highlighted weaknesses in the semiconductor supply chain, a new report notes. Lloyd's said that its review of the semiconductor industry found significant room for collaboration between the industry and its insurers. Read More

Best Reports Fewer Property-Casualty Upgrades, More Downgrades in 2022

March 21, 2023

A.M. Best issued fewer credit rating upgrades for US property-casualty insurance companies in 2022 and more credit rating downgrades. The rating agency noted that the shift occurred as insurers were confronted with higher reinsurance costs, economic and social inflation, and rising loss costs. Read More

AXA XL Adds Fleet Management Benchmarking for Construction Clients

March 21, 2023

AXA XL's construction insurance business has added a fleet management benchmarking service to its loss prevention services for its contractor clients. The new service is meant to help those clients see how their corporate fleet programs and vehicle loss histories compare to those of their peers, AXA XL said. Read More

As Risks Evolve and Increase, Protection Gaps Pose a Major Challenge

March 20, 2023

As the world experiences uncertain times that bring higher levels of risks, organizations and individuals are experiencing protection gaps that represent a major challenge to well-being and economic security, a new report suggests. The gaps across four key areas represent approximately 3 percent of global gross domestic product. Read More