During the third quarter of 2021, the global insurance market saw the trend of decelerating rate increases that began a quarter earlier continuing, according to a new market report from Aon. New capacity, reduced uncertainty, and insurers' past pricing adjustments have moderated price increases in most lines of insurance business.
CCRIF SPC received a €1 million ($1.16 million) grant from the government of Ireland—through Irish Aid—to support the rollout of a parametric insurance product for the fisheries sector in 5 additional CCRIF countries in the Caribbean. With the grant, CCRIF will provide the program to 7 Caribbean countries.
US property and casualty (P&C) insurers experienced strong net income growth during the first half of 2021 as the country's economy continued to recover from the COVID-19 pandemic, according to a report from data analytics provider Verisk and the American Property Casualty Insurance Association.
The global reinsurance sector won't earn its cost of capital this year and could struggle to do so again in 2022, according to S&P Global Ratings. The rating agency said it is maintaining its negative outlook for the reinsurance sector as the industry's returns continue to fall short.
The US cyber-insurance market grew 29.1 percent to $4.1 billion in 2020, according to data from a new report from the National Association of Insurance Commissioners (NAIC). During 2020, US insurers reported a total of approximately 4 million cyber-insurance policies in force, the NAIC report said.