Market News

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

Global commercial insurance prices increased 15 percent during the second quarter of 2021, according to the "Global Insurance Market Index" from Marsh. While premium hikes continued to moderate during the quarter, it was the 15th consecutive quarter of rate increases in the global commercial insurance market, Marsh said. Read More

June and July reinsurance renewals saw pricing momentum slow compared to January renewals, particularly for non-loss-impacted placements, according to a new report from Aon. Aon’s “Reinsurance Market Outlook July 2021” noted that the slowing pricing momentum at June and July reinsurance renewals continued a trend from April. Read More

Nearly all major commercial insurance lines experienced quarterly increases in average premium renewal rate during the second quarter of 2021, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service. Workers compensation was the only line to see premiums decrease. Read More

The Connecticut Insurance Department has approved the licensing of a new captive set up by Stamford, Connecticut-based United Rentals, Inc., the world's largest equipment rental company. The new captive, Harbor Point Insurance, will be used by its parent to insure a variety of risks, including property damage from natural disasters. Read More