Market News
Commercial Insurance Premium Increases Moderated Slightly in 1Q
Commercial insurance premiums continued to increase during the first quarter of 2022, marking the 18th consecutive quarter of premium increases, according to the Council of Insurance Agents & Brokers' Commercial Property/Casualty Market Index. There were signs, however, that market conditions might have eased slightly during the quarter. Read More
SIIA Comment Letter Cites Captives' Role in Addressing Terrorism Risk
A recent letter to the US Treasury responding to a request for comments on the federal Terrorism Risk Insurance Program (TRIP) makes the case for captive insurance while encouraging steps to expand participation by small and medium-sized businesses. The comments came from the Self-Insurance Institute of America, Inc. (SIIA). Read More
Connecticut Modifies Captive Capital and Surplus Requirements
Connecticut lawmakers approved legislation earlier this month that lowers capital and surplus requirements for captive insurance companies but allows the state insurance commissioner to set a higher level of capital and surplus if it's considered necessary for a captive to meet its obligations. Read More
US Commercial Lines Insurers Likely To See 2022 Underwriting Gains
US commercial lines property-casualty insurers are poised to realize favorable underwriting gains this year, barring outsized natural catastrophe losses, according to Fitch Ratings. Fitch noted that US commercial lines insurers' underwriting performance returned to profitability in 2021, with significant declines in both loss and expense ratios for the year. Read More
US Cyber-Insurance Claims, Payments Grew Rapidly in Recent Years
As cyber attacks continue to increase rapidly, reported US cyber-insurance claims grew by 100 percent in each of the past 3 years, according to Fitch Ratings. At the same time, claims closed with payments increased by 200 percent annually over the same period, with 8,100 claims paid in 2021. Read More