Market News
North Carolina Captive Group's PAC Conducts Initial Fundraising
CAPTIVE PAC, the North Carolina Captive Insurance Association's (NCCIA) recently formed political action committee (PAC), raised more than $9,000 during a fundraiser held during the NCCIA's annual conference in May. The initial goal for the new PAC is to raise approximately $15,000 to $20,000 over the next 2 years. Read More
Cyber-Insurance Market Continues To Grow Though Price Hikes Slow
Cyber insurance is the fastest-growing segment of the US property-casualty insurance segment, with direct written premiums increasing 51 percent year on year in 2022 to more than $7.2 billion, according to Fitch Ratings. Fitch said, however, that cyber-insurance premium rate increases should continue to moderate. Read More
RRGs' Premium Volume Increased Dramatically in 2022: Report
Risk retention groups' (RRGs) premium volume increased significantly in 2022, according to the "Risk Retention Reporter." RRGs' gross premiums rose to nearly $4.9 billion, an increase of 12.9 percent from 2021, when RRGs generated just over $4.34 billion in gross premiums. Read More
Inflation, Catastrophes Drive 2022 Property-Casualty Underwriting Loss
Inflation and catastrophe losses combined to contribute to a 2022 underwriting loss for the property-casualty insurance industry, according to a report from the Insurance Information Institute (Triple-I) and Milliman. The quarterly report said that property-casualty insurers posted a 102.4 percent combined ratio in 2022. Read More
Number of RRGs Posting Underwriting Gains Increased in 2022
The number of risk retention groups (RRGs) reporting underwriting gains in 2022 grew significantly compared to 2021, according to a newly released analysis by Demotech Inc. Last year, 131 RRGs reported an underwriting gain, up from 121 in 2021, while 113 reported underwriting losses, down from 120 in 2021. Read More