Market News
Four Major European Reinsurers Saw Earnings Improve in 2021
The four major European reinsurers—Hannover Rueck SE, Munich Reinsurance Company, SCOR SE, and Swiss Reinsurance Company—improved their earnings significantly in 2021 due to improved pricing and lower property and casualty COVID-19-related claims, according to a new report from Fitch Ratings. Read More
FERMA Suspends Russian Risk Management Association's Membership
The Federation of European Risk Management Associations (FERMA) has suspended the membership of its Russian member, RUSRISK, in light of sanctions imposed on Russian organizations and individuals following Russia's invasion of Ukraine. In a statement, FERMA condemned the invasion and said its support and sympathy are with the Ukrainian people. Read More
Led by Cyber, Commercial Insurance Prices Increased 8.7 Percent in Q4
Commercial property-casualty insurance premiums experienced their 17th consecutive quarter of increases during the final 3 months of 2021, according to the Council of Insurance Agents & Brokers' "Commercial Property/Casualty Market Index." The average premium increase across all account sizes during the fourth quarter was 8.7 percent. Read More
US Property-Casualty Insurers Post $4.1 Billion 2021 Underwriting Loss
The US property-casualty insurance industry recorded a $4.1 billion net underwriting loss in 2021 as a result of increased losses and expenses, according to A.M. Best. Despite the 2021 underwriting loss, US property-casualty insurers were still able to increase their net income year over year by 4.5 percent. Read More
Report Finds Worldwide Captive Total Increased to 5,985 in 2021
For the first time in several years, the total number of captive insurance companies worldwide increased in 2021, Business Insurance magazine reports. Last year, there were 5,985 captives worldwide, up from 5,879 in 2020, Business Insurance found. The last time the number of captives worldwide increased was in 2015. Read More