Year over year, all lines of commercial insurance business except workers compensation experienced an increase in average premium renewal rates in November, according to the "IVANS Index," a regular premium renewal rate index compiled by the IVANS insurance exchange service.
The use of advanced analytics across various aspects of their operations is an important part of North American property-casualty insurers' strategies, according to Willis Towers Watson (WTW). Insurers' interest in analytics is most notable in pricing, underwriting, and claims, WTW found in its "2021 P&C Insurance Advanced Analytics Survey."
Don't miss the December issue of "Captive Insurance Company Reports" ("CICR"), in which Dan Towle, president of the Captive Insurance Companies Association (CICA), recaps CICA's recent in-person Fall Forum.
Alberta lawmakers have given final approval to legislation to allow the formation of captive insurance companies in the Canadian province. Alberta government officials earlier said that the legislation is needed to help businesses get insurance coverage at a lower cost compared to the traditional market.
For some businesses, among the many benefits of participating in a group captive are the opportunities that come from partnering with like-minded organizations. Group captive members can learn from one another, push one another to improve safety, and potentially find joint venture opportunities.