Market News
Lloyd's Marks Fifth Anniversary of Its Lloyd's Lab Innovation Hub
Lloyd’s of London recently marked the 5-year anniversary of its Lloyd's Lab innovation hub, which, to date, has supported over 100 InsurTechs and driven innovation efforts within the Lloyd's market. Lloyd's Lab was established in 2018 with the InsurTech Accelerator as its core program. Read More
Benchmarking Report Reflects Stability Among Risk Retention Groups
The number of risk retention groups (RRGs) has remained stable over the past 15 years, with RRGs, overall, tending to be better capitalized than the broader insurance industry, according to a new report from Pinnacle Actuarial Resources, Inc. Seven states and districts have ten or more domiciled RRGs. Read More
Property-Casualty Growth Factors Could Outpace US GDP by 2025
The economic factors driving the US property-casualty industry's growth could cumulatively expand faster than the country's gross domestic product (GDP) in 2024, and might outperform the overall US economy by 2025, according to the Insurance Information Institute. Read More
Risk Retention Groups Saw Premium Volume Increase through Q2
Risk retention groups (RRGs) reported increases in premium volume for the second quarter of 2023, according to a new report. The report by Demotech, Inc., found that RRGs reported $3.0 billion direct premium written through the second quarter, an increase of 2.3 percent from the same period in 2022. Read More
Favorable Reserve Development Continued for US P-C Insurers in 2023
The US property-casualty (P-C) insurance industry's 2022 calendar-year results show a 17th consecutive year of favorable reserve development, according to A.M. Best. However, the rating agency noted that the insurers' $3.6 billion in favorable reserve development reported in 2022 was nearly one-third the level the industry reported in 2021. Read More