Market News
Global Commercial Insurance Price Hikes Held Steady in Third Quarter
Global commercial insurance prices increased 3 percent during this year's third quarter, the same increase as in the prior quarter, according to the Marsh Global Insurance Market Index. The third quarter marked the 24th consecutive quarter in which composite commercial insurance pricing increased, Marsh said. Read More
Private Workers Comp Insurers' Net Premium Grew 11.3 Percent in 2022
Private workers compensation insurers' net written premium increased 11.3 percent in 2022 from the prior year to $42.5 billion, according to the National Council on Compensation Insurance (NCCI). Including state workers compensation funds, the 2022 net written premium was $47.5 billion, the NCCI said. Read More
Cayman Islands Removed from Anti-Money-Laundering "Grey List"
Citing "2 years of sustained hard work and engagement, both locally and internationally," Cayman Islands officials embraced the Financial Action Task Force's (FATF) removal of the jurisdiction from its anti-money-laundering "grey list." The FATF placed the Cayman Islands on the list in 2021. Read More
Evolution of Cyber Threats Requires Ongoing Cyber-Security Investment
Organizations’ investments in cyber security are paying off, but the continued evolution of the cyber threat highlights the need for organizations to devote further attention to early detection and response capabilities, a new report from Allianz Commercial suggests. Allianz Commercial noted that 2023 has seen a resurgence in ransomware claims. Read More
Underwriting Losses Take Toll on US P-C Insurers' Net Income
US property-casualty insurers saw mounting underwriting losses push their second-quarter after-tax net income to the lowest level since 2011, according to the American Property Casualty Insurance Association (APCIA). US property-casualty insurers' first-half combined ratio of 104.3 percent was 4.4 points higher than last year's 99.9 percent, the APCIA said. Read More