Market News

Despite continued price increases and underwriting changes, the US commercial auto insurance market will likely remain unprofitable in 2023 due to rising claims severity caused by inflation and growing litigation risk, according to Fitch Ratings. The rating agency expects the segment's combined ratio to exceed 106 percent this year. Read More

The Association of Bermuda Insurers and Reinsurers and the Association of British Insurers have agreed to work together on several areas of mutual interest detailed in a memorandum of understanding. The associations said the agreement will build on the working partnership that exists between the two markets. Read More

US cyber insurers' performance improved in 2022, with cyber-insurance written premiums increasing 50 percent to $7.22 billion, while cyber insurers' loss ratio decreased 22 percentage points to 45 percent, according to a new report from Aon. Read More

As they face higher insurance premiums and risks that could threaten their organizations, business leaders are increasingly considering captive insurance. But there's a tremendous educational component to evaluating the efficacy of a captive strategy, and even more industry exposure once a decision is made to proceed. Read More

The National Risk Retention Association (NRRA) is taking a proactive approach ahead of the next Florida legislative session in opposing legislation it says would discriminate against risk retention groups (RRGs). Florida legislators ended their 2023 session earlier this year without giving final approval to SB 516. Read More