Market News

The US government has launched a new website intended to help organizations defend against the rise in ransomware attacks by providing a central location for ransomware resources and alerts. StopRansomware.gov is an interagency resource that provides guidance on ransomware protection, detection, and response on a single website. Read More

Environmental, social, and governance (ESG) factors were considered the primary driver in 13 percent of A.M. Best’s insurance company global rating actions during the 12 months through March 2021, according to a new report from the rating agency. Weather-related events and governance were the primary ESG factors driving Best's rating actions. Read More

Global insurers plan to accelerate their use of automation over the next 5 years, according to a new survey from Willis Towers Watson. Both property-casualty and life insurers are looking to improve efficiency and auditability and close the gap between their current automation and where they'd like to be. Read More

Japan's decision to bar spectators from the Tokyo Olympics will likely cost global reinsurers $300 million to $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. That loss is only 10 percent to 15 percent of the potential loss if the Olympics been canceled, however. Read More

Newly released statistics by the Vermont Department of Financial Regulation provide a wide array of details on the nation's largest domestic captive insurance company domicile, which is celebrating its 40th anniversary this year. For example, Vermont captives generated just over $30 billion in gross written premiums in 2020. Read More