Market News
2020 Catastrophe Experience Shows Growing Risk of Secondary Perils
With the COVID-19 pandemic and a high level of natural disasters, 2020 was a year that strained business, society, and the insurance industry. In a recently released sigma report, Swiss Re noted that 2020's $202 billion in global economic losses from catastrophes was the ninth highest for single-year economic losses. Read More
Firm Pricing the Norm at April 1 International Reinsurance Renewals
April 1 international reinsurance renewals were consistent with earlier trends as pricing remained firm in virtually all classes and territories, according to Willis Re. The intermediary said reinsurance capacity was adequate across the board, and there were no substantive changes in negotiations over exclusionary language. Read More
Nevada Captive Bill Would Expand Commissioner's Review Authority
The Nevada insurance commissioner would be given new authority to review the qualifications of a captive insurer's manager and, if appropriate, disqualify the manager or suspend or revoke the captive's license under A.B. 45, legislation now under consideration by state lawmakers. Read More
A.M. Best Assigns Stable Market Segment Outlook to London Market
A.M. Best has assigned a stable market segment outlook to the London insurance and reinsurance market. Key factors supporting the outlook included upward premium rate momentum, which is expected to support better underlying performance, greater consistency and clarity of policy wordings, and the ongoing modernization of the market. Read More
Insurers' and Reinsurers' Premiums Grew in 2020, Despite Challenges
Despite the impact of the COVID-19 pandemic, global insurers and reinsurers achieved premium growth in 2020 due to rate increases for reinsurance and commercial insurance lines, with US premiums outpacing gross domestic product growth, according to Willis Re. In the US market, most lines of business reversed second-quarter premium declines. Read More