Market News

Changes to the way we live and work forced by the COVID-19 pandemic spurred innovation across the insurance industry, though the degree to which individual insurers have innovated varies, according to A.M. Best. Today, more insurance companies are placing great importance on data quality to improve their efficiency and profitability. Read More

Interest in the use of captives as a risk management tool continues to become increasingly widespread as European owners seek to gain both the economies of captives and better mitigation for their business and market risks. Additionally, climbing commercial insurance rates and coverage limitations are driving alternative strategies. Read More

The US property-casualty insurance industry's underwriting results will likely improve this year as premium rates increase significantly in the underperforming automobile and property segments, according to Fitch Ratings. Still, claims volatility along with higher inflation and macro uncertainty could prevent the US property-casualty segment from returning to underwriting profitability. Read More

A.M. Best identified 17 insurance company impairments in the US property-casualty industry in 2021, with 7 of those associated with catastrophe losses resulting from hurricanes, primarily in Louisiana and Florida. The rating agency said that of the 17 insurance companies that became impaired, 16 were placed into liquidation. Read More

While the Bermuda insurance industry's cyber-risk posture is improving, the percentage of insurers with controls in place for some cyber risks is lower than expected, according to a recent report from the Bermuda Monetary Authority. Read More