The property-casualty insurance industry is poised to post a 103.8 percent net combined ratio for 2023, according to the latest underwriting projections by actuaries at the Insurance Information Institute and Milliman. Severe convective storm losses were seen as a significant factor in the 2023 combined ratio.
In a recent panel discussion at the Vermont Captive Insurance Association’s Annual Conference, experts delved into the nuances of parametric coverage and how it differs from traditional insurance. The panelists provided valuable insights into the world of parametric contracts, their growing popularity, and the regulatory challenges that come with them.
Average premium renewal rates of all major commercial insurance lines increased month over month in October, according to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service. Year over year, all lines but workers compensation saw premium renewal rate increases during the month.
Independent insurance company manager Strategic Risk Solutions (SRS) has launched its latest alternative risk transfer venture, Altitude, a new managing general underwriter (MGU). SRS described the creation of the new MGU as a strategic move aimed at expanding the company's client services portfolio.
The latest IRMI Podcast on the International Risk Management Institute's (IRMI) and Captive.com's Captive Podcasts page features Andy Hulme, executive vice president—director of underwriting at Strategic Risk Solutions (SRS), discussing tailoring insurance solutions using captive insurance.