Market News
US Property-Casualty Industry's Combined Ratio Deteriorated in 2022
The US property-casualty insurance industry is expected to post a 105.8 percent combined ratio for 2022, 6.3 percentage points worse than the industry 2021 combined ratio, according to underwriting projections from the Insurance Information Institute and Milliman. Growth and replacement costs will remain challenging well into 2023 and 2024. Read More
Global InsurTech Funding Dropped in 2022 for First Time Since 2016
Global InsurTech funding fell during last year's fourth quarter to its lowest level since the first quarter of 2020, according to the fourth quarter 2022 "Gallagher Re Global InsurTech Report." Last year was the first year to see an overall drop in InsurTech investment since 2016, Gallagher Re says. Read More
Nearly All Commercial Insurance Lines Saw Premium Increases in January
Year over year, all lines of commercial insurance except workers compensation experienced increases in their premium renewal rate in January 2023, according to the "Ivans Index," a regular premium renewal rate index. Business owners policy and commercial property continued to see the highest premium renewal rate increases year over year. Read More
Hawaii Added 4 Captive Insurance Companies to Its Total in 2022
The number of captive insurance companies in Hawaii hit 255 at the end of 2022, up from 251 in 2021, the Hawaii Department of Commerce and Consumer Affairs, Insurance Division, Captive Branch reported in a new fact sheet. Of those 255 captives, 214 captive owners were in the United States. Read More
Recent Cyber-Risk ILS Deals May Lead to Expanded Reinsurance Capacity
Two recent insurance-linked securities (ILS) deals that saw (re)insurers transferring cyber risk to the capital markets demonstrate potential for a broader source of reinsurance for cyber exposures, according to Fitch Ratings. Fitch said the two recent cyber-risk ILS deals—by Beazley and Hannover Re—together transferred $145 million of cyber risk. Read More