Market News
Percentage of Organizations Hit by Cyber Attacks Continues To Grow
Cyber attacks increased for the fourth consecutive year in 2022, with 53 percent of firms surveyed suffering a cyber attack, according to a new report from Hiscox. Hiscox says that last year's report saw 48 percent of firms revealing that they'd experienced a cyber attack. Read More
Michael Maglaras & Company Secures Major Captive Investment
Michael Maglaras, principal of Michael Maglaras & Company, has announced that the captive formed to respond to the crumbling foundations property insurance crisis in Connecticut has successfully secured $36 million more in capitalization from the State of Connecticut. Connecticut Foundation Solutions Indemnity Company, Inc. (CFSIC), was formed in 2018. Read More
Study Finds Inflation Has Major Impact on Auto Liability Loss Costs
Social and economic inflation drove US personal and commercial auto liability claims payouts $96 billion to $105 billion higher between 2013 and 2022, according to a new study from the Insurance Information Institute (Triple-I). The Triple-I study found that commercial insurers saw losses grow faster than the overall economy. Read More
Premium Increases Continued Across Most Commercial Lines in Q3
While year-over-year average premium renewal rate changes varied among commercial insurance lines in this year's third quarter, all rates were up month-over-month in September, according to the "IVANS Index," a regular premium renewal rate index compiled by the Ivans insurance exchange service. Read More
Best Says US Property-Casualty First-Half Downgrades Outpace Upgrades
The US property-casualty insurance industry experienced an increase in credit rating downgrades during the first half of 2023, reflecting a difficult period for the personal lines segment, according to A.M. Best. The rating agency reported that the number of property-casualty downgrades outpaced upgrades during this year's first 6 months. Read More