Market News
US Commercial Lines Insurers Face Challenges as Premium Hikes Persist
Slower revenue growth, inflation-based claims uncertainty, and less favorable loss reserve experience are challenging US commercial lines insurers, according to Fitch Ratings. Fitch projects the US commercial lines sector will post a combined ratio of 97–98 percent in 2023, up from 96 percent in 2022. Read More
Iowa Becomes Latest State To Enact a Captive Insurance Law
Iowa lawmakers have passed and Governor Kim Reynolds has signed legislation to allow the formation of captive insurance companies in the state. Under the bill, SF 549, captives would have to submit an annual report to Iowa's Insurance Division by April 1. Read More
Attracting Sufficient Capital Remains Cyber Market's Top Challenge
Despite recent capacity increases in the cyber (re)insurance market, attracting sufficient levels of capital remains the market's greatest challenge. According to a Gallagher Re white paper, "The Vital Role of Capital in Cyber (Re)insurance," despite those recent capacity increases, the amount of capital entering the cyber (re)insurance remains insufficient. Read More
Major European Reinsurers' 1Q Profit Growth Exceeds Expectations
The four major European reinsurers experienced stronger than expected improvements in their profits during this year's first quarter, according to Fitch Ratings. During the first quarter, the reinsurers experienced an average return on equity of 21 percent, up from 9 percent a year earlier, according to Fitch. Read More
North Carolina Captive Group's PAC Conducts Initial Fundraising
CAPTIVE PAC, the North Carolina Captive Insurance Association's (NCCIA) recently formed political action committee (PAC), raised more than $9,000 during a fundraiser held during the NCCIA's annual conference in May. The initial goal for the new PAC is to raise approximately $15,000 to $20,000 over the next 2 years. Read More