Market News
US Crop Insurers See 2022 Underwriting Loss Despite Record Premiums
Despite US crop insurance premiums reaching a record high of $21.5 billion in 2022, the segment posted an underwriting loss due to challenging growing conditions amid widespread drought, according to a report from A.M. Best. Best said it's cautiously optimistic that crop insurers' underwriting results will show improvement this year. Read More
InsurTech Funding Fell in Q2 as Market Faces an Inflection Point
Global InsurTech funding fell 34 percent from the first quarter of 2023 to the second quarter, according to the "Gallagher Re Global InsurTech Report" for Q2 2023. InsurTech funding dropped to $916.71 million in this year's second quarter from $1.39 billion during the first quarter, Gallagher Re reports. Read More
Bermuda Registered 2 New Captive Insurance Companies in July
Bermuda registered two new captive insurance companies in July, according to information released by the Bermuda Monetary Authority (BMA). The two newly licensed Bermuda captives are Mackinlay Insurance Limited, a Class 1 single-parent captive, and Crescent Insurance Limited, a Class 2 multiowner captive. Read More
P&C Industry Forecast To Post 102.2 Percent Combined Ratio in 2023
The overall property and casualty (P&C) insurance industry is projected to finish 2023 with a net combined ratio of 102.2 percent, little changed from last year's 102.4 percent, according to a report from the Insurance Information Institute and Milliman. Poor personal lines underwriting performance is a key factor in both years' results. Read More
Premium Increases Continued Across Most Commercial Lines in July
Nearly all commercial insurance lines experienced year-over-year increases in premium renewal rates in July, according to the "Ivans Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service. Only workers compensation saw a year-over-year premium renewal rate decrease. Read More