Market News
Captives Prove Their Value during Trying Times
Captive insurance can help businesses address many of the challenges they've faced over the past 2 years with the pandemic and a hard insurance market. Many smart business owners have set up captives to efficiently transfer the risks they have retained as an effective complement to their standard insurance program. Read More
Premium Increases Continue for Most Commercial Lines in First Quarter
Premium renewal rates for nearly all major commercial insurance lines continued to increase year over year during the first quarter of 2022, according to the "IVANS Index," a regular premium renewal rate index compiled by the IVANS insurance exchange service. Read More
Litigation's Impact on Liability Claims Continues To Grow
The number of claims that have attorney involvement at first notice of loss continues to grow, according to a new report from Sedgwick, while litigation rates and costs continue to rise. Meanwhile, social inflation and other factors continue to increase the severity and frequency of litigation. Read More
US Cyber Insurers Experiencing Rapid Premium Growth
The rise in cyber incidents has led to cyber insurance becoming the fastest-growing product segment in the US property-casualty insurance market, according to Fitch Ratings. The rating agency estimated that stand-alone and packaged statutory cyber-insurance direct written premiums increased by 74 percent in 2021 to nearly $5 billion. Read More
Rapid Increase in Vehicle Technology Raises Vehicle Cyber Risks
The rapid increase in vehicle automation along with a growing reliance on internet-connected technologies in critical operations are increasing cyber risks associated with vehicles, according to a recent briefing from Guy Carpenter. The new technology creates emerging cyber risks for those using the roads, Guy Carpenter said. Read More