Market News
Market Volatility Main Russia-Ukraine War Risk for European Insurers
The Russia-Ukraine war is more likely to affect European insurers and reinsurers through financial market volatility than through the direct effects from sanctions on Russian entities or other restrictions on Russian business, according to Fitch Ratings. European insurers and reinsurers have little direct Russian insurance or investment exposure, Fitch said. Read More
Four Major European Reinsurers Saw Earnings Improve in 2021
The four major European reinsurers—Hannover Rueck SE, Munich Reinsurance Company, SCOR SE, and Swiss Reinsurance Company—improved their earnings significantly in 2021 due to improved pricing and lower property and casualty COVID-19-related claims, according to a new report from Fitch Ratings. Read More
FERMA Suspends Russian Risk Management Association's Membership
The Federation of European Risk Management Associations (FERMA) has suspended the membership of its Russian member, RUSRISK, in light of sanctions imposed on Russian organizations and individuals following Russia's invasion of Ukraine. In a statement, FERMA condemned the invasion and said its support and sympathy are with the Ukrainian people. Read More
Led by Cyber, Commercial Insurance Prices Increased 8.7 Percent in Q4
Commercial property-casualty insurance premiums experienced their 17th consecutive quarter of increases during the final 3 months of 2021, according to the Council of Insurance Agents & Brokers' "Commercial Property/Casualty Market Index." The average premium increase across all account sizes during the fourth quarter was 8.7 percent. Read More
US Property-Casualty Insurers Post $4.1 Billion 2021 Underwriting Loss
The US property-casualty insurance industry recorded a $4.1 billion net underwriting loss in 2021 as a result of increased losses and expenses, according to A.M. Best. Despite the 2021 underwriting loss, US property-casualty insurers were still able to increase their net income year over year by 4.5 percent. Read More