Market News
Stand-Alone Cyber Coverage Could Reduce Insurers' "Silent Cyber" Issues
The COVID-19 pandemic and the resulting increase in remote working and online business has increased cyber risks, yet few businesses purchase stand-alone cyber insurance, according to a new report from S&P Global Ratings. Some businesses rely on "silent cyber" coverage from policies that don't specifically exclude the peril. Read More
Hardening Conditions Drew Capital to London, Bermuda Markets in 2020
Existing insurance companies and start-ups in the London and Bermuda markets attracted capital in 2020, both to bolster balance sheets and to take advantage of perceived improvements in pricing and conditions, according to A.M. Best. Private equity, industry capital, and public placements all contributed to the capital inflows. Read More
Premium Increases Continue Across Most Commercial Lines in January
Average commercial insurance premium renewal rates continued to fluctuate across major lines in January, according to the IVANS Index, a regular premium renewal rate index. Year-over-year, all lines of insurance business except workers compensation experienced an increase in average premium renewal rate in January. Read More
Connecticut Added 6 Captive Insurance Companies to Its Total in 2020
While Connecticut is one of the smaller and newer captive insurance company domiciles, in 2020, the state saw significant growth in captive formations. Last year, Connecticut licensed 6 captives, bringing its total to 22, an increase applauded by the state's top insurance regulator. Read More
Cayman Islands Captive Numbers Increase with 36 New Licenses in 2020
The number of licensed captive insurance companies in the Cayman Islands increased in 2020 as new formations outpaced captives that surrendered their licenses. According to newly released statistics by the Cayman Islands Monetary Authority (CIMA), 36 captives were licensed in 2020 compared to the 30 captives that surrendered their licenses. Read More