A.M. Best has revised its outlook on the excess and surplus (E&S) lines insurance segment to positive from stable. In announcing the outlook change, the rating agency cited the E&S segment's increased business due to declining capacity in commercial lines and some personal lines markets, along with strong underwriting results.
Don't miss the November issue of "Captive Insurance Company Reports" ("CICR"), which explores how artificial intelligence (AI) in combination with captives, parametric insurance, and insurance-linked securities holds the potential to offer new and more effective ways of addressing risks.
Global commercial insurance prices increased 3 percent during this year's third quarter, the same increase as in the prior quarter, according to the Marsh Global Insurance Market Index. The third quarter marked the 24th consecutive quarter in which composite commercial insurance pricing increased, Marsh said.
Private workers compensation insurers' net written premium increased 11.3 percent in 2022 from the prior year to $42.5 billion, according to the National Council on Compensation Insurance (NCCI). Including state workers compensation funds, the 2022 net written premium was $47.5 billion, the NCCI said.
Citing "2 years of sustained hard work and engagement, both locally and internationally," Cayman Islands officials embraced the Financial Action Task Force's (FATF) removal of the jurisdiction from its anti-money-laundering "grey list." The FATF placed the Cayman Islands on the list in 2021.