Market News
A.M. Best Revises US Commercial Property Market Outlook to Stable
Citing a variety of factors, A.M. Best has revised its market segment outlook for the US commercial property market to stable from negative. The decline in pandemic-related business interruption claims and favorable rulings for insurers in lawsuits related to those claims were factors in the outlook change. Read More
US Property-Casualty Insurers Post 9-Month Underwriting Loss
Increased losses and expenses led to a $6.1 billion underwriting loss for the US property-casualty insurance industry over the first 9 months of 2021, according to A.M. Best. The industry's combined ratio weakened from the same period in 2020 to 99.5 percent. Read More
Increased Public Scrutiny Seems To Reduce Pace of Ransomware Attacks
While the level of ransomware attack activity has fluctuated through 2021 as public scrutiny of ransomware attacks has increased, the level of that particular cyber threat remains elevated, according to a new report from Aon. The pace of attacks has risen and fallen several times during 2021. Read More
Insurance Premiums To Top $7 Trillion in 2022 as Rates Continue Upward
Global insurance premiums should exceed $7 trillion for the first time by mid-2022, according to a new sigma report from the Swiss Re Institute. The Swiss Re report, "Turbulence after lift-off: global economic and insurance market outlook 2022/23," says global insurance premiums should increase by 3.3 percent in 2022. Read More
Guernsey Insurance Industry Group Pledges Carbon Neutrality by 2050
Guernsey's insurance sector has pledged to be carbon neutral by 2050, with the Guernsey International Insurance Association signing on to the SME Climate Hub's Climate Commitment. Participants commit to take immediate action to halve their greenhouse gas emissions before 2030, achieve net-zero emissions before 2050, and disclose progress yearly. Read More