Market News
As Cyber Underwriting Improves, Market Poised for Second Growth Wave
The property-casualty insurance and reinsurance market is well on its way to a transition to a property-casualty-cyber market, a recent report suggests. By 2040, the cyber market will be comparable to those for property or casualty, according to a report from Gallagher Re. Read More
Russian Cyber Attacks May Test War Exclusion Policy Language: Fitch
Cyber attacks associated with Russia's invasion of Ukraine may test the effectiveness of war and hostile act exclusion language in insurance policies, according to Fitch Ratings. The invasion has increased the risk of cyber attacks and potential claims costs for property and casualty insurers around the world offering cyber-insurance coverage. Read More
Connecticut Crumbling Foundations Captive Reaches Major Milestone
The captive insurance company formed to respond to the crumbling foundations property insurance crisis in Connecticut has successfully placed more than 500 families back into homes with safe and secure foundations in less than 36 months, according to Michael Maglaras, principal of Michael Maglaras & Company. Read More
Ukraine Invasion Seen Having Significant Insurance Industry Impact
Russia's invasion of Ukraine will likely have a substantial impact on the global insurance industry in the near to middle terms, particularly given the fallout in the capital markets and the potential for widespread cyber attacks, according to A.M. Best. The invasion has had an immediate negative impact on stock markets. Read More
Pandemic Adds to Insurance Industry's Value Creation Challenges
Prior to the onset of the COVID-19 pandemic in 2020, the insurance industry already faced numerous challenges. Now, according to a new report, those challenges have taken on greater urgency. Among those challenges are several factors hindering revenue growth, according to the report from McKinsey & Company. Read More