Market News
To Remain Relevant, Reinsurers Must Address Emerging or Evolving Risks
The global reinsurance industry has absorbed the shock of the COVID-19 pandemic, but more complex and interrelated risks highlight the need for innovation to address emerging risks and evolving traditional risks, a new report from A.M. Best suggests. Best says a major challenge for the reinsurance industry is remaining relevant. Read More
Hurricane Ida's Insured Losses Could Fall Hardest on Commercial Lines
Hurricane Ida's trajectory and proximity to the New Orleans area could tilt insured losses from the storm more toward the insurance industry's commercial lines than to personal lines, according to A.M. Best. Losses from 2020's Hurricane Laura had a greater impact on personal lines. Read More
Ransomware Remains a Major Concern, Even as Attack Frequency Dips
Ransomware attacks have grabbed the headlines this year and become a top concern for businesses and insurers. Interestingly, though, data from the first two quarters of 2021 suggest the frequency of ransomware attacks is declining. Making too much of that trend would be a mistake, however. Read More
Reinsurance Price Hikes Likely To See Reductions at January Renewals
Reinsurance rate increases are likely to continue at January 2022 renewals, though at reduced levels, according to a recent report from Fitch Ratings. Rate increases at January 2022 renewals should be at high single-digit, low double-digit levels, the rating agency said. Read More
US Property-Casualty Industry Sees Healthy First-Half Profit Growth
The US property and casualty insurance industry's net income grew 28 percent during the first half of 2021 compared to the same period last year, according to a new report from A.M. Best. The industry's combined ratio improved 0.8 percentage points year over year to 96.9 percent. Read More