Market News
RIMS Letter Advocates for a Federal Cyber-Insurance Backstop
In a letter to the Federal Insurance Office, the Risk and Insurance Management Society (RIMS) voiced support for a federal cyber-insurance backstop. While indicating that RIMS members would support a "well-crafted cyber-insurance backstop," the organization listed several concerns that should be considered in crafting a solution. Read More
Nearly All Commercial Insurance Lines Saw Premium Increases in October
Year over year, all commercial insurance lines except workers compensation experienced an increase in average premium renewal rate in October, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service. Business owners policy (BOP) and commercial property continued to see the highest increases. Read More
Market Analysis Sees Increased Rate Hardening over Next 2 Years
With the global insurance industry facing a variety of pressures, rate hardening will gain momentum in 2023 and 2024, according to the Swiss Re Institute. Read More
Insurance Premiums Increased for 20th Consecutive Quarter in Q3
Commercial insurance premiums increased an average of 8.1 percent across all account sizes during this year's third quarter, according to the "Q3 P/C Market Survey" from the Council of Insurance Agents & Brokers (CIAB). Increases in the second quarter averaged 7.1 percent, according to the CIAB. Read More
Insider Threats Growing as a Factor in Cyber-Attack Incidents
Insider threats are rising to new levels as a percentage of cyber incidents, perhaps as a function of a highly fluid labor market and economic uncertainty. According to Kroll, LLC, this year's third quarter saw insider threats reach their highest quarterly level to date. Read More