Market News
US Property-Casualty Insurers Saw $26.5 Billion 2022 Underwriting Loss
The US property-casualty insurance market experienced a $26.5 billion net underwriting loss in 2022, a decline of $21.5 billion from the prior year's underwriting loss, according to A.M. Best. Personal lines losses and the impact of Hurricane Ian caused the industry's combined ratio to deteriorate to 102.7 percent in 2022. Read More
Insurance Information Institute Paper Cites Benefits of Group Captives
Group captive insurance companies can provide certain companies a source of value in inflationary times, the Insurance Information Institute (Triple-I) says in a new executive brief. The Triple-I notes that group captives can help reduce costs and improve cash flow for certain risks. Read More
Cyber Market May Be Cooling, Even as Premium Growth Continues
A slower pace of rate hikes combined with reduced capacity suggests that the cyber liability insurance market might be cooling, according to A.M. Best. Strong demand for cyber insurance and substantial rate increases have made cyber insurance the fastest-growing segment in the US property-casualty market. Read More
Reliance on Semiconductors Makes Addressing Supply Chain Risk Critical
The world's transition to a digital economy relies on a resilient semiconductor industry, yet recent disruptions have highlighted weaknesses in the semiconductor supply chain, a new report notes. Lloyd's said that its review of the semiconductor industry found significant room for collaboration between the industry and its insurers. Read More
Best Reports Fewer Property-Casualty Upgrades, More Downgrades in 2022
A.M. Best issued fewer credit rating upgrades for US property-casualty insurance companies in 2022 and more credit rating downgrades. The rating agency noted that the shift occurred as insurers were confronted with higher reinsurance costs, economic and social inflation, and rising loss costs. Read More