Market News
Groups' Analysis Finds Man-Made Causes Fuel Property Insurance Crises
While weather-related disasters are becoming more frequent and more costly, the crises in some property insurance markets are being fueled largely by man-made causes, a new report from a group of insurance industry trade associations suggests. Many states' property insurance markets are showing signs of stress, according to the report. Read More
(Re)Insurers See First-Half Premium Growth, Solid Underwriting Results
Global insurers and reinsurers enjoyed average premium growth of 12 percent during this year’s first half as well as favorable underwriting results, according to Gallagher Re. Gallagher Re said the group's premium growth was supported by continued favorable pricing for commercial lines and reinsurance business. Read More
Best Reports Slight Decrease in US Property-Casualty Rating Upgrades
The US property-casualty insurance industry experienced a decrease in credit rating upgrades and a modest increase in downgrades during the first half of 2022, according to A.M. Best. There also was an increase in rating affirmations during the period, Best said, underscoring insurers' resilience in the face of escalating losses. Read More
US Property-Casualty Reinsurers Saw Net Premiums Grow in First Half
A group of 17 US property-casualty reinsurers wrote $42.1 billion of net premiums during the first 6 months of 2022, an increase from $37.1 billion for the same period in 2021, according to the Reinsurance Association of America. Read More
US, Bermudian Reinsurers Benefiting from Improved Conditions
A.M. Best's composite of US and Bermudian reinsurers posted an improved underwriting margin in 2021, despite elevated catastrophe activity, the rating agency reported. The group of reinsurers experienced a minimal number of COVID-19-related claims and experienced a larger contribution from investment results, Best said. Read More