The US property-casualty (P-C) insurance industry's 2022 calendar-year results show a 17th consecutive year of favorable reserve development, according to A.M. Best. However, the rating agency noted that the insurers' $3.6 billion in favorable reserve development reported in 2022 was nearly one-third the level the industry reported in 2021.
Risk retention groups (RRGs) reported increases in premium volume for the second quarter of 2023, according to a new report. The report by Demotech, Inc., found that RRGs reported $3.0 billion direct premium written through the second quarter, an increase of 2.3 percent from the same period in 2022.
Industrial lines insurer HDI Global SE has received regulatory approval to open a new branch office in Lisbon, Portugal. HDI Global has already been operating in the Portuguese market for more than 2 decades under freedom of services provisions.
As digitalization is revolutionizing a host of industries, for the insurance industry it holds the promise of a new source of growth, new risk pools, and new efficiencies, according to Swiss Re. For insurers, digitalization changes how risks can be assessed and mitigated with new and more granular data.
Oklahoma licensed 14 new captive insurance companies from January 1 through September 30, bringing the state's total captive count to 56. The total includes 55 actively licensed captives and one dormant captive. In 2022, Oklahoma captives generated $297 million in direct and assumed premiums.