A recent letter to the US Treasury responding to a request for comments on the federal Terrorism Risk Insurance Program (TRIP) makes the case for captive insurance while encouraging steps to expand participation by small and medium-sized businesses. The comments came from the Self-Insurance Institute of America, Inc. (SIIA).
Connecticut lawmakers approved legislation earlier this month that lowers capital and surplus requirements for captive insurance companies but allows the state insurance commissioner to set a higher level of capital and surplus if it's considered necessary for a captive to meet its obligations.
US commercial lines property-casualty insurers are poised to realize favorable underwriting gains this year, barring outsized natural catastrophe losses, according to Fitch Ratings. Fitch noted that US commercial lines insurers' underwriting performance returned to profitability in 2021, with significant declines in both loss and expense ratios for the year.
Russia's invasion of Ukraine is likely to present a variety of complex issues around insurance claims across multiple lines of coverage, according to Aon. Claims could include those arising directly from the conflict, claims arising indirectly from the conflict, claims pre-dating the conflict, and claims involving business interruption.
As cyber attacks continue to increase rapidly, reported US cyber-insurance claims grew by 100 percent in each of the past 3 years, according to Fitch Ratings. At the same time, claims closed with payments increased by 200 percent annually over the same period, with 8,100 claims paid in 2021.