Market News
Report Suggests Reinsurers Are Key to Future Cyber-Insurance Market
While the cyber-insurance market has been challenged by cyber-attack losses, the reinsurance market could hold the key to a viable cyber-insurance market, according to S&P Global Ratings. As cyber attacks have increased and the awareness of cyber risks has grown, so has the demand for cyber insurance. Read More
US Employer Medical Costs Expected To Increase 5 Percent in 2022
Large US employers will see costs they pay for employee medical care increase an average of 5 percent in 2022 to more than $13,000 per employee, according to Aon plc. The cost increase would be slightly less than what employers budgeted this year compared to 2020, Aon said. Read More
Increased Claims Volume, Costs May Hit US Cyber Insurers' Profits
While cyber insurance has been a profitable line for US property-casualty insurers, those insurers will likely face increased claims volume and average cost per claim going forward, according to Fitch Ratings. Still, Fitch said a negative rating action resulting from underwriting losses related to a cyber incident is unlikely. Read More
Airmic Cyber-Insurance Survey Finds Concerns, Captive Consideration
A recent Pulse Survey of cyber-insurance market conditions conducted by Airmic, the UK risk management association, found respondents saying that cyber risks are the most likely new risk to be financed with captive insurance. The survey also found that a perception that the cyber-insurance market is still developing. Read More
IAIS Study Estimates Insurers' Climate Risk Investment Exposure
A recently released report from the International Association of Insurance Supervisors (IAIS) found that 35 percent of insurers' invested assets are exposed to risks from climate change. The data in the 2021 Global Insurance Market Report (GIMAR) represented 75 percent of the global insurance sector, according to the IAIS. Read More