Market News

New Capacity, Price Adequacy Contribute to Rate Increase Moderation

November 15, 2021

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. Read More

Grant Supports Expansion of CCRIF Fisheries Insurance Program

November 12, 2021

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. Read More

Economic Recovery Fuels P&C Insurers' Strong First Half

November 12, 2021

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. Read More

Rating Agency Maintains Negative Outlook on Global Reinsurance Sector

November 11, 2021

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. Read More

NAIC Report Shows Growth in Cyber-Insurance Premium, Policies in Force

November 11, 2021

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. Read More