Market News
Global Reinsurers Pulling Back on Natural Catastrophe Coverage
Global reinsurers are cutting back on the coverage they provide for medium-sized natural catastrophe risks in response to investor pressure after several years of large catastrophe losses and improved profitability in other areas of the market, according to Fitch Ratings. Read More
What's Driving the US Captive Landscape?
As captives have entered the risk management mainstream, organizations are considering new opportunities related to captive insurance. Among other things, organizations are finding new ways to use captives to produce insurance program savings, close coverage gaps, cover challenging exposures, and advance business strategies. Read More
Property-Casualty Premiums Rose for 23rd Consecutive Quarter in Q2
Commercial property-casualty insurance prices increased 8.9 percent during the second quarter of this year, the 23rd consecutive quarter of premium increases, according to the Council of Insurance Agents & Brokers "Commercial Property/Casualty Market Index Q2/2023." Premiums increased 8.8 percent during the first quarter. Read More
Rating Agency Examines Counterparty Risk in Wake of Vesttoo Situation
The situation surrounding the InsurTech Vesttoo, which was formed to help provide insurers access to noncatastrophe insurance-linked securities, highlights the importance of managing counterparty credit risk, according to A.M. Best. Vesttoo has been associated with allegations of fraudulent letters of credit connected to transactions it was involved in. Read More
US Crop Insurers See 2022 Underwriting Loss Despite Record Premiums
Despite US crop insurance premiums reaching a record high of $21.5 billion in 2022, the segment posted an underwriting loss due to challenging growing conditions amid widespread drought, according to a report from A.M. Best. Best said it's cautiously optimistic that crop insurers' underwriting results will show improvement this year. Read More