Market News
Increased Reliance on Technology Raises Risk of Cyber-Physical Losses
As information technology becomes more and more a part of operations technology and cyber criminals become increasingly sophisticated, the threat of physical losses resulting from cyber attacks is growing, according to a new report. To date, most cyber attacks have involved information technology rather than physical processes, but that can change. Read More
Bermuda Licensed 12 New Captive Insurance Companies in 2020
Bermuda, the world's largest captive insurance domicile with 680 captives, licensed 12 new captive insurance companies in 2020. Those 12 formations were down from 2019, when Bermuda licensed 22 new captive insurance companies. Read More
US Insurers, Reinsurers Likely To Increase Emphasis on ESG Factors
US (re)insurers will likely increase their engagement with environmental, social, and governance (ESG) factors as a new US administration demonstrates an increasing green focus, according to A.M. Best. With the US return to the Paris Agreement, many US (re)insurers will likely consider ESG factors in investment and underwriting, Best said. Read More
Guernsey Licensed 3 New Captives, 4 Captive Cells in 2020
Guernsey licensed three new captive insurance companies, four captive cells, and two special purpose vehicles in 2020, the domicile reported. Guernsey ended 2020 with 291 licensed captive insurance companies and 43 special purpose vehicles, a drop from 305 captives at the end of 2019. Read More
COVID-19, Catastrophes Prompt US Property-Casualty Net Income Drop
The US property-casualty insurance industry's net income dropped 27.5 percent during 2020's first 9 months as the industry dealt with the COVID-19 pandemic and a historic catastrophe season, according to a new report. The report was produced by data analytics provider Verisk and the American Property Casualty Insurance Association. Read More