Market News

Global investment into InsurTech hit a record $10.5 billion during the first three quarters of 2021, according to the "Quarterly InsurTech Briefing" from Willis Towers Watson (WTW). The investments during the first three quarters of 2021 included 421 total deals, which is also an annual record, WTW said. Read More

Global commercial insurance prices increased 15 percent during the third quarter of 2021, according to the Global Insurance Market Index from Marsh. The third-quarter increase was the same rate of increase as that recorded during this year's second quarter, Marsh said. Read More

Coverage for cyber extortion or ransomware has surpassed cyber-related business interruption as the most sought-after cyber-insurance coverage. The global cyber survey from PartnerRe and Advisen found that 86 percent of survey respondents ranked cyber extortion/ransom in the top three cyber coverages buyers were interested in purchasing. Read More

A Vermont-domiciled sponsored captive, RxPharmacy Assurance, is offering a stop-loss supplement intended to help self-funded employers manage high-cost specialty drug risk. RxPharmacy Assurance enables self-funded employers of all sizes to access a supplemental stop-loss product at affordable rates to protect against unexpected and potentially catastrophic specialty drug claims. Read More

Most risk professionals have little hope for a softening of the commercial insurance market during 2022, with the majority seeing any significant change not coming until 2023 or later, a recent survey showed. Some 61 percent of respondents to a recent poll expect the market to soften in 2023 or 2024. Read More