Market News
Employees Must Be Better Educated To Spot Fraudulent Cyber Tactics
Cyber security will see a significant evolution in 2023, with organizations needing to get smarter about educating employees to spot fraudulent tactics, according to Beazley. In its latest “Cyber Services Snapshot,” Beazley noted that cyber losses as a result of fraudulent instruction increased 13 percent year over year in 2022. Read More
Hylant Partners with CloudCover To Launch Cyber Rent-a-Captive Program
Hylant has partnered with cyber safety and security platform CloudCover to create a cyber-security rent-a-captive insurance program known as the "CloudCover CyberCell." Hylant said the partnership will allow clients to benefit from more affordable cyber-insurance premiums and more inclusive coverage. Read More
Hard Market for Property Reinsurance Seen Continuing through 2023
The hard market for short-tail reinsurance lines will likely continue through 2023, while casualty reinsurance pricing remains firm, though price increases have moderated in the United States, according to a report from S&P Global Ratings. S&P indicated it is maintaining its negative view on the global reinsurance sector. Read More
Changing Market Dynamics Raise Questions for US D&O Insurers
The US directors and officers (D&O) market is seeing changing dynamics that raise the question of whether D&O insurers can sustain their recent more favorable results given less aggressive pricing in the face of high social inflation and inflationary economic pressures, according to A.M. Best. Read More
US Property-Casualty Industry's Combined Ratio Deteriorated in 2022
The US property-casualty insurance industry is expected to post a 105.8 percent combined ratio for 2022, 6.3 percentage points worse than the industry 2021 combined ratio, according to underwriting projections from the Insurance Information Institute and Milliman. Growth and replacement costs will remain challenging well into 2023 and 2024. Read More