Market News
Actuaries Group Offers Guidance on Federal Pandemic Risk Backstop
The American Academy of Actuaries has suggested that existing US insurance backstop programs may provide insights into crafting a pandemic risk backstop. Those programs help the insurance marketplace provide coverage by capping the risk the market is expected to handle and providing a federal backstop for losses exceeding that cap. Read More
Lloyd's Projects Industry COVID-19 Underwriting Loss at $107 Billion
The Lloyd's market says that it anticipates paying out up to $4.3 billion as a result of COVID-19, while projecting $107 billion in overall industry underwriting losses. Lloyd's said the industry's projected $107 billion in COVID-19 losses are on par with some of the biggest major claims years for the industry. Read More
Commercial Market Hardens but Pandemic To Delay Insurer Profitability
The COVID-19 pandemic will hit commercial insurers hard, and most may only return to technical profitability in the second half of 2021, assuming normal levels of catastrophe losses, according to Fitch Ratings. Fitch also said it expects continued rate hardening in the commercial insurance market. Read More
How a Captive Insurance Company Can Save Money for Its Owners
Joel Chansky, consulting actuary with Milliman, explores the question of whether captives save money. The answer is yes and no. Group captives are intended to save money. Owners of single-parent captives face start-up and annual costs, but the captive could provide tax savings and even a profit center. Read More
New AON Underwriting Platform Focuses on Intellectual Property Risks
AON has launched a new underwriting platform offering what the company says is the largest known delegated capacity for intellectual property (IP) liability risks. In 2018, AON announced the development of an insurance facility providing $100 million in capacity for IP infringement liability exposures. Read More