Market News
US Property-Casualty Underwriting Results Expected To Improve
The US property-casualty insurance industry's underwriting results will likely improve this year as premium rates increase significantly in the underperforming automobile and property segments, according to Fitch Ratings. Still, claims volatility along with higher inflation and macro uncertainty could prevent the US property-casualty segment from returning to underwriting profitability. Read More
Catastrophe Losses Drove 2021 Property-Casualty Insurer Impairments
A.M. Best identified 17 insurance company impairments in the US property-casualty industry in 2021, with 7 of those associated with catastrophe losses resulting from hurricanes, primarily in Louisiana and Florida. The rating agency said that of the 17 insurance companies that became impaired, 16 were placed into liquidation. Read More
Bermuda Insurers' Cyber-Risk Posture Improving, but More Needed
While the Bermuda insurance industry's cyber-risk posture is improving, the percentage of insurers with controls in place for some cyber risks is lower than expected, according to a recent report from the Bermuda Monetary Authority. Read More
Political Risks Increase Due to Combined Effects of Related Risks
A variety of factors working together will likely lead to a fragile political and economic environment around the world this year, according to Marsh's "Political Risk Report 2023." According to Marsh, persistent political instability threatens the economic and investment environment, particularly when coupled with inflation. Read More
Reinsurance Market Described as Stressed but Sound at April 1 Renewals
The global reinsurance market demonstrated discipline at April 1 renewals similar to that seen in January, though with a more intense focus by reinsurers on pricing and contract improvements across all territories and business lines, according to Gallagher Re. The reinsurance market remains under stress but sound, Gallagher Re says. Read More