Market News
Digital Transformation Requires Closing the Cyber-Insurance Gap
Given geopolitical instability alongside the growing digitalization of life and business, the risk of costly and disruptive cyber attacks is considerable, raising the need for cyber resilience, a new report suggests. Still, some of today's cyber risks don't meet the typical characteristics of insurability, the Swiss Re Institute notes. Read More
Property Cat Reinsurance Rates Likely To See Significant Increase
Reinsurance rates for property catastrophe coverage should increase by well over 10 percent at January renewals, according to Fitch Ratings. The higher reinsurance premiums will support underwriting margins against rising claims due to high inflation and climate change, according to the rating agency. Read More
Report Highlights Ongoing Value of Captive Insurance as Markets Change
A recent report from A.M. Best underscores the ongoing value of captive insurance companies in the face of a hardening commercial insurance market and evolving risks. In the report, the rating agency notes that captives have proved their worth as commercial markets harden. Read More
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