Market News

Global insurers plan to accelerate their use of automation over the next 5 years, according to a new survey from Willis Towers Watson. Both property-casualty and life insurers are looking to improve efficiency and auditability and close the gap between their current automation and where they'd like to be. Read More

Japan's decision to bar spectators from the Tokyo Olympics will likely cost global reinsurers $300 million to $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. That loss is only 10 percent to 15 percent of the potential loss if the Olympics been canceled, however. Read More

Newly released statistics by the Vermont Department of Financial Regulation provide a wide array of details on the nation's largest domestic captive insurance company domicile, which is celebrating its 40th anniversary this year. For example, Vermont captives generated just over $30 billion in gross written premiums in 2020. Read More

Reinsurance rates continued to increase for most lines and in most areas at June midyear renewals, but the market appears to be reaching equilibrium, according to a recent report from Willis Re. In some cases, reinsurers had to accept terms below their initial quotes, the report says. Read More

Guernsey Finance is citing two recent insurance industry transactions as examples of the island's expertise and regulatory regime allowing innovation while meeting international standards. The transactions include the world's first parametric fuel price insurer and the world's first catastrophe bond covering pure volcanic eruption. Read More