Market News
2020 Saw Dramatic Increase in Global Natural Disaster Losses
Global natural disaster losses increased in 2020 from their 2019 level, a trend likely to continue in coming years, according to reinsurers and others tracking natural catastrophes. In a recent report, Munich Re pegged global losses from natural disasters in 2020 at $210 billion, of which $82 billion was insured. Read More
Captive Industry Groups Respond to Possible Terrorism Backstop Changes
A group of captive insurance industry associations has submitted comments to the US Treasury Department suggesting that limiting captive insurance companies' access to the Terrorism Risk Insurance Program would run counter to the intent of the Terrorism Risk Insurance Act. Read More
Record Number of Billion-Dollar Disasters Struck United States in 2020
The United States experienced a record 22 billion-dollar disasters in 2020, according to the National Oceanic and Atmospheric Administration (NOAA). The year’s disasters included a record number of tropical storms forming in the Atlantic, with a record 12 of those making landfall, according to NOAA. Read More
Reinsurance Price Increases More Modest Than Expected at January Renewals
Analysis of January 1 reinsurance renewals shows that, in general, buyers did not face price increases or changes to terms and conditions as extreme as many had anticipated. Abundant capital was among the forces moderating reinsurance markets at January 1 renewals. Read More
Best Has Negative Outlook for US Property-Casualty Insurance Segment
A.M. Best has assigned a negative market segment outlook to the US commercial property-casualty insurance segment due to uncertainty over business interruption legislation related to the COVID-19 pandemic and the increasing frequency and severity of natural catastrophes. Increasing reinsurance costs and low interest rates were other factors. Read More