Market News
BMA Report Highlights Bermuda Captives' Relevance, Stability
A recently released report from the Bermuda Monetary Authority (BMA) underscores the continued relevance and stability of Bermuda's captive market as it addresses uncertainty associated with such events as the COVID-19 pandemic. The BMA report is based on 2020 year-end statutory financial returns submitted by Bermuda general business captive insurers. Read More
Collaboration Aims To Provide Digital Commercial Insurance Platform
Willis Towers Watson (WTW) and insurers Liberty Specialty Markets (LSM) and Markel are collaborating on the pilot phase of a digital commercial insurance platform. Using globally recognized data standards, the new platform is designed to enable multiple insurers and brokers to trade complex specialty risks in real time. Read More
Major European Reinsurers Saw Earnings Decline through 3rd Quarter
The earnings of four major European reinsurers fell through the first three quarters of 2022 compared to the same period last year due to higher catastrophe losses, weaker investment returns, and reserve strengthening, according to Fitch Ratings. Fitch has maintained its "neutral" fundamental sector outlook for global reinsurance. Read More
Digital Transformation Requires Closing the Cyber-Insurance Gap
Given geopolitical instability alongside the growing digitalization of life and business, the risk of costly and disruptive cyber attacks is considerable, raising the need for cyber resilience, a new report suggests. Still, some of today's cyber risks don't meet the typical characteristics of insurability, the Swiss Re Institute notes. Read More
Property Cat Reinsurance Rates Likely To See Significant Increase
Reinsurance rates for property catastrophe coverage should increase by well over 10 percent at January renewals, according to Fitch Ratings. The higher reinsurance premiums will support underwriting margins against rising claims due to high inflation and climate change, according to the rating agency. Read More