Market News
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
Insurance Labor Study Finds Hiring Growth Amid Recruiting Difficulty
Nearly all US insurance industry businesses anticipate maintaining or increasing their employee head count over the next 12 months, even as recruiting challenges persist, according to a labor market survey. The study, by the Jacobson Group and Aon, found that 95 percent of survey respondents plan to increase or maintain head counts. Read More
Survey Shows Businesses Worry About Ability To Meet Ransomware Demands
Businesses are increasingly worried about their ability to meet ransomware demands, with many hoping for government assistance in the case of state-sponsored cyber attacks, a recent survey revealed. According to the BlackBerry cyber insurance coverage study, only 19 percent of businesses surveyed have ransomware coverage limits above $600,000. Read More