Market News
Economic Factors, Risky Behaviors Pressure Insurers' Profitability
The property-casualty insurance industry is expected to post a 101.3 percent combined ratio for 2021 as a result of continued deterioration in personal lines, according to underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman. Read More
US Property-Casualty Insurer Credit Rating Upgrades Trend Upward
Credit rating upgrades among US property-casualty insurers returned to pre-pandemic levels in 2021, according to a new report from A.M. Best. Upgrades increased to 7.7 percent of all US property-casualty rating actions in 2021, compared with 5.3 percent in 2020, according to the A.M. Best special report. Read More
Increased Economic Activity Contributes to Insurers' Underwriting Loss
Private US property-casualty insurers experienced a $5.6 billion net underwriting loss during the first 9 months of 2021, as noncatastrophe losses returned to pre-pandemic levels, according to a report by data analytics provider Verisk and the American Property Casualty Insurance Association. Read More
Heightened Volatility Shaping Insurance Market Trends, Risk Decisions
In its final "Global Market Insights Report" for 2021, Aon notes the impact of increased volatility on organizations, noting that the impact of that volatility on insurance market trends and risk agendas is readily apparent. The Aon report notes that the cyber-insurance market is becoming increasingly complex and volatile. Read More
Survey Documents Bermuda Insurers', Reinsurers' Economic Contributions
Members of the Association of Bermuda Insurers and Reinsurers (ABIR) contributed $8.5 billion to the Bermudian economy during the decade ending in 2020, according to the results of the latest annual ABIR member survey. The ABIR survey showed a direct economic contribution of $722 million from member companies in 2020. Read More