Market News
RRGs—A Last Look
A look at risk retention group (RRG) growth over the years suggests that RRGs remain a very niche-specific part of the overall captive insurance industry. There had been some supposition that the pandemic would create renewed interest in RRGs, but the year-end 2020 numbers don't support this hypothesis. Read More
Washington Governor Signs Law Applying Fees and Taxes to Captives
Legislation signed into law on May 12, 2021, by Washington State Governor Jay Inslee sets new requirements for captive insurance companies licensed in other domiciles but doing business in Washington State. Captive insurance companies licensed elsewhere and operating in Washington will be required to pay registration fees and premium taxes. Read More
Guernsey Creates ESG Framework for Insurers, Insurance Managers
Guernsey has created an environment, social, and governance (ESG) framework for insurers. The framework was designed by the Guernsey International Insurance Association (GIIA) with the aim of helping member organizations manage ESG opportunities and risks. The framework enables insurers and insurance managers who are members of the GIIA to self-certify. Read More
Latest Attacks Underscore Rapid Growth of the Ransomware Threat
The shutdown of the Colonial Pipeline by a ransomware attack is drawing even more attention to the growing threat of this particular cyber-risk exposure. In its 2021 Cyber Security Risk Report, Aon suggests that ransomware attacks "exploded" in 2020, with insurers reporting a 336 percent increase in ransomware claims. Read More
Pace of Global Insurance Price Increases Slowed in First Quarter
Global insurance prices increased 18 percent during the first quarter of 2021, according to Marsh's Global Insurance Market Index. It was the first quarterly decline in the average rate of premium increase since the index reported the first rise in global rates during the fourth quarter of 2017. Read More