Market News
Insurance Organizations Press Congress to Act on TRIA Reauthorization
Several insurance industry organizations have approached Congress to urge the reauthorization of the Terrorism Risk Insurance Act (TRIA) federal terrorism insurance backstop. The US House Financial Services Subcommittee on Housing and Insurance held a hearing on the issue on September 17. Read More
Regulators Say Stress Test Results Show Bermuda Reinsurers' Resilience
A recent stress test shows Bermuda's long-term reinsurance sector demonstrating a strong ability to withstand severe economic challenges, according to the Bermuda Monetary Authority (BMA). The BMA said its "2025 Global Financial Stress Test—Long-Term Reinsurers" showed that the majority of companies maintain capital levels in excess of regulatory requirements. Read More
Lloyd's Announces 12 Companies Forming Latest Lloyd's Lab Cohort
Lloyd's has announced the 12 companies that will join the 15th cohort of the market's Lloyd's Lab accelerator innovation hub. The latest cohort will have a strong focus on three strategic themes: "adapting to a changing world," "traditional lines for today," and "data intelligence and process transformation.” Read More
US Excess and Surplus Insurers Reported Double-Digit Growth in 2024
US excess and surplus (E&S) insurers saw double-digit growth in direct written premiums for the 7th consecutive year in 2024, according to a review of the E&S market by Fitch Ratings. US E&S direct written premiums grew 11 percent in 2024, down from 15 percent growth the prior year. Read More
Bermuda Commercial Claims Costs Topped $1 Trillion over 9 Years
Bermuda-based commercial insurers and reinsurers incurred $1.1 trillion in gross claims costs to policyholders and cedants globally from 2016 to 2024, according to the Bermuda Monetary Authority. Over the period, Bermuda insurers and reinsurers incurred $831 billion in gross claims costs to US, Europe, and UK policyholders and cedents. Read More