Market News

US property and casualty (P&C) insurers writing cyber insurance are responding to spikes in cyber claims by taking significant pricing and underwriting actions, according to Fitch Ratings. The P&C industry's cyber-insurance direct written premiums increased 22 percent in 2020 to more than $2.7 billion, according to Fitch, reflecting an expanded demand for coverage. Read More

Despite widespread agreement among many large and midsized organizations about the threats posed by a variety of emerging risks, the vast majority of those organizations continue to overlook those risks' potential impact on their businesses, according to Marsh. That conclusion is found in the inaugural "Marsh Risk Resilience Report." Read More

Growth in cyber-insurance premiums has been outpaced by an even greater increase in claims, A.M. Best notes in a new commentary, with many cyber insurers now recognizing the significant risk in the coverage line. The increase in ransomware attacks could lead cyber insurers to rethink their cyber-insurance strategies. Read More

A group of 17 US property-casualty reinsurers wrote $17.9 billion in net premiums during the first quarter of 2021, up from $16.5 billion during the same period in 2020, according to a survey of the reinsurers' statutory underwriting results conducted by the Reinsurance Association of America. Read More

Commercial insurance premiums continued to increase during the first quarter of 2021, according to results from the Council of Insurance Agents & Brokers first-quarter 2021 Commercial Property/Casualty Market Index. Despite the increases, there were further signs that the COVID-19 pandemic's impact on existing market conditions has eased. Read More