Market News
North Carolina Bill Would Extend Redomestication Premium Tax Exemption
Legislation recently introduced in North Carolina would extend a now expired 2-year exemption from state premium taxes for captive insurance companies that redomesticate to North Carolina. Under the measure, SB 319, captives that redomesticate to the state would be exempt from premium taxes until January 1, 2025. Read More
US Property-Casualty Underwriting Loss Grew Significantly in 2022
US property-casualty insurers' key financial results worsened significantly in 2022 from a year earlier, according to data analytics provider Verisk and the American Property Casualty Insurance Association. The US property-casualty industry experienced a $26.9 billion net underwriting loss in 2022, up from a $3.8 billion loss in 2021. Read More
Lloyd's Selects 13 InsurTech Firms for 10th Lloyd's Lab Cohort
Lloyd's of London has announced the 13 InsurTech firms that will form the 10th cohort of its innovation hub, the Lloyd's Lab. The 13 firms were chosen following a competitive pitch process in which they presented innovative insurance solutions to the market. Read More
While Property-Casualty Market Is Stable, Headwinds Must Be Considered
While the collective outlook for the property-casualty insurance industry is stable, there are headwinds facing insurers that buyers should monitor, a new report suggests. In a March Lockton Market Update, "Proceeding with Caution," Lockton notes that most property-casualty insurers reported positive returns and growth at year-end 2022. Read More
A.M. Best Maintains Stable London Insurance Market Outlook
A.M. Best is maintaining its stable outlook for the London insurance market, noting that a strong pricing environment should support further improvement in underlying underwriting profitability. Best suggested that other positive factors included higher interest rates likely to increase investment yields, improved access for third-party capital, and market modernization initiatives. Read More