Market News
Survey Finds Risk Managers Seeking Greater Role in ESG Initiatives
More than three-quarters of risk managers surveyed believe risk management should take a more active role in their organizations' environmental, social, and governance (ESG) initiatives. The Willis Towers Watson (WTW) survey found 77 percent of respondents calling for risk management to play a more active part in ESG initiatives. Read More
2022 Was a Good Year for Captives
Driven by a hard insurance market and greater global uncertainty, the captive insurance market saw significant growth during 2022. In addition to new captive owners, many companies already using captives extended the concept to address other risk exposures. Read More
All Lines but Workers Compensation Saw Premium Increases in November
Year over year, all commercial insurance lines of business except workers compensation experienced an increase in average premium renewal rate in November, according to the "Ivans Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service. Read More
Hurricane Ian Disrupted Move to Property-Casualty Market Stabilization
The property-casualty insurance market appeared to be moving toward stabilization until September's Hurricane Ian arrived as a major event for both insurers and reinsurers. In a December Lockton Market Update, "Property Challenges Largely Stable Market," the broker notes that this year's Atlantic hurricane season was the third most expensive. Read More
Risk Retention Groups Saw Steep Premium Growth through 3 Quarters
Risk retention groups (RRGs) reported sharp increases in premium volume for the third quarter of 2022, according to a new report. The report by Demotech Inc. said RRGs reported nearly $4.2 billion in direct premium written through the third quarter, up 60 percent from the same period in 2021. Read More