Market News

Property-casualty insurers are expected to post modest underwriting profits in 2021, according to a new forecast from the Insurance Information Institute (Triple-I) and Milliman. The forecast calls for the industry to realize a combined ratio of 99 percent this year, nearly the same as in 2020. Read More

Vermont Governor Phil Scott has signed legislation making several updates to Vermont's captive insurance law. Among other changes, this year's bill, S. 88, clarifies the ability of cells to convert to other types of entities and simplifies processes around redomestications, mergers, and the filing of organizational documents prior to licensing. Read More

Despite increasing take-up rates for cyber insurance, the extent to which the coverage will continue to be generally available and affordable is uncertain, according to a new report from the US Government Accountability Office (GAO). Insurers' appetite and capacity for underwriting cyber risk has contracted recently, according to the report. Read More

All commercial insurance lines except workers compensation experienced year-over-year premium renewal rate increases in April, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service. Workers compensation again experienced a year-over-year premium renewal rate decrease, IVANS reported. Read More

Investor pressures are adding to momentum for reinsurers to incorporate environmental, social, and governance (ESG) factors into their business, according to A.M. Best. Primary insurers generally felt less investor pressure to act on ESG issues, but such pressures are expected to have an impact on the entire insurance value chain. Read More