Market News
NAIC Adopts New Insurance Company Climate Risk Disclosure Standard
A bipartisan group of US insurance regulators has adopted a new standard for insurance companies to report their climate-related risks, in alignment with the international Task Force on Climate-Related Financial Disclosures (TCFD), the National Association of Insurance Commissioners (NAIC) has announced. The TCFD standard is the international benchmark for climate risk disclosure. Read More
Slowing Commercial Insurance Rate Increases Suggest Return to Normalcy
As commercial insurance rate increases steadily decline, 2022 is beginning to move toward normalcy for the commercial insurance market, according to Willis Towers Watson (WTW). Though commercial insurance rates may be stabilizing, it remains far from a soft market according to WTW. Read More
Captive Insurance Industry Shows Resilience through Market Changes
The captive insurance industry has demonstrated resilience over the past 15 years, showing steady growth of 3.7 percent per year in the number of captives from 2006 to 2015. A new white paper from Strategic Risk Solutions (SRS) notes that growth occurred even during a soft commercial property-casualty insurance market. Read More
Property-Casualty Profits Seen Improving While Surplus Growth Slows
While US property-casualty insurers are likely to experience improved profitability in 2022, surplus growth is likely to slow relative to the past 3 years, according to Fitch Ratings. The industry's policyholders' surplus increased by 40 percent over the past 3 years, Fitch said, driven by favorable equity market performance. Read More
Lloyd's Selects 11 InsurTechs To Participate in Its Next Lloyd's Lab
Lloyd's of London has announced the next 11 InsurTech start-ups that will join the eighth cohort of the Lloyd's Lab in its 10-week program bringing together InsurTechs, insurers, and brokers to test new, innovative solutions. The teams will work to create insurance products to address challenges facing the Lloyd's market. Read More