Market News
Social, Economic Inflation Increased Liability Market Pressure in Q3
While the commercial insurance market's behavior was largely unchanged during the third quarter from the prior quarter, the accumulating effects of social and economic inflation added pressure to insurers' liability reserves and pricing, according to Lockton. Lockton reported that lead umbrella rates increased 12 percent during the third quarter. Read More
Business Leaders Enter 2024 Wary of Climate, Cyber Risks
The impacts of climate change and cyber risks are at the forefront of business leaders' risk concerns as 2024 begins, according to Beazley. Beazley's research found 28 percent of global business leaders surveyed predicting that climate change will be the biggest environmental risk they face in 2024. Read More
Best Maintains Industry Asbestos and Environmental Loss Estimates
A.M. Best is maintaining its estimate for ultimate net asbestos losses at $100 billion, with environmental losses also holding steady at $46 billion, according to a new report based on year-end 2022 data. Best said the industry has funded 95 percent of its aggregate asbestos and environmental exposures. Read More
FERMA Highlights Strategic Risk Priorities, Creates New Committee
Climate change, cyber threats, supply-chain disruption, and people risks should be top priorities for organizations looking to manage strategic risks, according to the Federation of European Risk Management Associations (FERMA). FERMA outline the priorities in a new white paper, "The Roadmap to Strategic Risk Management," produced in partnership with Marsh. Read More
Global InsurTech Funding Increased Quarter on Quarter in Q3
Global InsurTech funding increased 19.8 percent quarter on quarter during this year's third quarter to $1.098 billion from $916.71 million during the second quarter, according to the "Gallagher Re Global InsurTech Report" for Q3 2023. The third-quarter investments were spread across 119 deals, up from 97 deals in the second quarter. Read More