Market News
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
As Risks Evolve and Increase, Protection Gaps Pose a Major Challenge
As the world experiences uncertain times that bring higher levels of risks, organizations and individuals are experiencing protection gaps that represent a major challenge to well-being and economic security, a new report suggests. The gaps across four key areas represent approximately 3 percent of global gross domestic product. Read More
All Commercial Lines Saw Year-over-Year Premium Increases in February 2023
All commercial insurance lines experienced year-over-year increases in average premium renewal rate in February 2023, according to the "Ivans Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service. Business owners policy and commercial property continued to post the highest premium renewal rate increases. Read More