Market News
Survey Offers View into Bermuda Insurers' Artificial Intelligence Use
Nearly two-thirds of Bermuda commercial insurers do not currently use artificial intelligence or machine learning in their operations, with only 23.7 percent of property-casualty companies using the technologies, according to a report from the Bermuda Monetary Authority (BMA). Read More
Update Adds Tools to Milliman's Arius InsurTech Software Solutions
Global consulting and actuarial firm Milliman, Inc., has released an updated version of its Arius InsurTech software solutions. Arius is a family of state-of-the-art reserve analysis systems for property and casualty insurers and large self-insureds. The new release provides significant enhancements to the systems' analytical and reporting capabilities. Read More
Bermuda (Re)insurers To Pay $13 Billion of Hurricane Ian Losses
Bermuda (re)insurers anticipate incurring gross claim losses of more than $13 billion in payments to US policyholders and cedants to cover damages from Hurricane Ian. This loss estimate is based on commercial insurers' market claims data collected by the Bermuda Monetary Authority in November 2022. Read More
A.M. Best Maintains Stable Outlook for US Commercial Lines Sector
A.M. Best has maintained a stable outlook for the US commercial lines insurance sector, citing its strong underwriting performance through the COVID-19 pandemic and the current economic volatility. US commercial lines insurers face more pronounced headwinds entering 2023 than they did a year ago, however, according to Best. Read More
Despite Relief in Some Lines, Hard Insurance Market Isn't over Yet
The second half of 2022 has offered commercial insurance buyers some relief in terms of improved market conditions, coverage, and capacity for many lines of business, according to Willis Towers Watson. Still, commercial property remains a significant holdout from that market improvement. Read More