Market News
Lloyd's Road Map Focuses on Insurance Support for Climate Innovation
Lloyd's of London has released a "climate action road map" that includes developing new risk transfer solutions to help address climate change, including insurance for electric vehicles. The risk transfer solutions will support green innovation and renewable energy investment and expansion, along with a public-private disaster resilience, response, and recovery framework. Read More
First Half 2021 Global InsurTech Investments Hit Record High
Global investments in InsurTech hit a record high of $7.4 billion during the first half of 2021. The first-half investment was higher than in all of 2020 or any other year, according to the "Quarterly InsurTech Briefing" from Willis Towers Watson. Read More
Bermuda Market May Experience $2.7 Billion in Winter Storm Uri Losses
Bermuda insurers and reinsurers estimate that they will incur gross claims losses of $2.7 billion in payments to US policyholders and cedants to cover damage from Winter Storm Uri, according to the Bermuda Monetary Authority. The February storm caused severe losses across the southern United States, particularly in Texas. Read More
US Property-Casualty Insurers' Net Income Improves in First Quarter
US property-casualty insurers experienced a year-on-year increase in net income after taxes during this year's first quarter, while their combined ratio worsened, according to a new report from data analytics provider Verisk and the American Property Casualty Insurance Association. Read More
Resilient Insurance Industry Recovering Quickly from Pandemic's Impact
A recovering global economy, increased rates, and growing demand for insurance products are pushing global insurance premium volume higher, according to a recent report from the Swiss Re Institute. Meanwhile, premiums fell less during the COVID-19 pandemic and are recovering more quickly than during the global financial crisis of 2008–2009. Read More