Market News
Captive Use Steady Globally, Though Some Regions See Dramatic Growth
Faced with volatile insurance market conditions, captive insurance remains a valuable tool for organizations looking to manage and finance risks. Globally, captive insurance use remains steady in 2021, according to Aon's 2021 Global Risk Management Survey, though there are some regions that have seen a significant uptick in captive use. Read More
Climate Change Driving Higher Property Catastrophe Reinsurance Rates
Property catastrophe reinsurance prices will likely see double-digit increases at January renewals due to excess losses in 2021 and the likelihood of higher natural catastrophe claims frequency severity in the future, according to Fitch Ratings. That would make 2022 the fifth consecutive year of property catastrophe reinsurance price increases. Read More
Investors Pour Record $10.5 Billion into InsurTechs through September
Global investment into InsurTech hit a record $10.5 billion during the first three quarters of 2021, according to the "Quarterly InsurTech Briefing" from Willis Towers Watson (WTW). The investments during the first three quarters of 2021 included 421 total deals, which is also an annual record, WTW said. Read More
Commercial Insurance Prices Increased 15 Percent in Third Quarter
Global commercial insurance prices increased 15 percent during the third quarter of 2021, according to the Global Insurance Market Index from Marsh. The third-quarter increase was the same rate of increase as that recorded during this year's second quarter, Marsh said. Read More
Ransomware Becomes Most Sought-After Cyber-Insurance Coverage
Coverage for cyber extortion or ransomware has surpassed cyber-related business interruption as the most sought-after cyber-insurance coverage. The global cyber survey from PartnerRe and Advisen found that 86 percent of survey respondents ranked cyber extortion/ransom in the top three cyber coverages buyers were interested in purchasing. Read More