Market News
US Insurers Increasingly Include ESG Factors in Their Decision Making
Stakeholder expectations that US insurers consider environmental, social, and governance (ESG) factors are playing a growing role in their decision-making, according to A.M. Best. Still, compared with their peers in Europe, the US insurance industry is in the early stages of ESG integration, Best said. Read More
Cyber-Risk Awareness Growing, but Work Remains To Build Resilience
A new survey shows that risk professionals are increasingly aware of the growth of cyber risks and the need to manage them, though there remains room for improvement. The survey conducted by Zurich North America and Advisen Ltd. found that 83 percent of respondents purchase some level of cyber insurance. Read More
Alberta Legislation Would Create Second Canadian Captive Domicile
Legislation recently introduced in Alberta would allow the formation of captive insurance companies in the Canadian province. Alberta government officials say the legislation is needed to help businesses get insurance coverage at a lower cost compared to the traditional market. Read More
Captive Use Steady Globally, Though Some Regions See Dramatic Growth
Faced with volatile insurance market conditions, captive insurance remains a valuable tool for organizations looking to manage and finance risks. Globally, captive insurance use remains steady in 2021, according to Aon's 2021 Global Risk Management Survey, though there are some regions that have seen a significant uptick in captive use. Read More
Climate Change Driving Higher Property Catastrophe Reinsurance Rates
Property catastrophe reinsurance prices will likely see double-digit increases at January renewals due to excess losses in 2021 and the likelihood of higher natural catastrophe claims frequency severity in the future, according to Fitch Ratings. That would make 2022 the fifth consecutive year of property catastrophe reinsurance price increases. Read More