Year over year, all lines of commercial insurance except workers compensation experienced increases in average premium renewal rate in October, according to the "IVANS Index." Month over month, premium renewal rates rose for businessowners policy (BOP), commercial property, and umbrella.
The European captive insurance sector is experiencing an uptick in activity as captive owners seek risk transfer solutions in the face of a hard commercial insurance market, according to A.M. Best. A report suggests that some European captives are increasing retentions or limits and others adding new coverage lines.
Don't miss the November issue of "Captive Insurance Company Reports" ("CICR"), which offers a look at how lessons learned from the COVID-19 pandemic over the last year can help companies be prepared for the next black swan event.
The hard commercial insurance market is challenging organizations as well as their risk managers as they look to address increasing premiums, reduced capacity, and insurers' desires to increase deductibles. In response to those market conditions, organizations are rethinking their risk financing strategies, including increased use of captive insurance.
Global liability insurance premiums will grow by 4.7 percent on average each year until 2040, reaching $583 billion and accounting for 13 percent of all property and casualty insurance business, according to the Swiss Re Institute. The premium growth will result from growth in liability exposures, driven largely by emerging risk factors.