Market News
S&P Revises Global Reinsurance Outlook to Negative on COVID-19 Impact
COVID-19 pandemic has led S&P Global Ratings to revise its outlook for the global reinsurance industry to negative from stable. S&P said that pandemic-related losses combined with volatile capital markets and lower investment returns will likely prevent the global reinsurance sector from meeting earnings expectations. Read More
Artificial Intelligence Brings Risk Management Opportunities, Risks
Artificial intelligence (AI) can provide opportunities for organizations to improve their risk management but also may create some new risks. Risk managers need to consider how to integrate risks generated by AI into the enterprise risk management process and how to understand the scope of AI risks. Read More
COVID-19 Stress Test Finds Most Insurers' Capital Levels Adequate
Stress testing gauging the COVID-19 pandemic's impact on insurance companies' financial strength found most insurers' capital levels provide an adequate buffer against potential balance sheet shocks. A.M. Best analyzed approximately 1,400 rated insurers worldwide, focusing on the impact of COVID-19 on insurers' underwriting and assets. Read More
New Triple-I Initiative Offers Resource on Insurance and Pandemic
The Insurance Information Institute (Triple I) has launched an initiative providing an educational resource with regard to insurance and the COVID-19 pandemic. The Future of American Insurance & Reinsurance campaign will focus on ensuring the insurance industry can sustain its role contributing to economic growth and stability. Read More
Oklahoma Legislation Specifies Captive Premium Tax Distribution
Legislation approved by Oklahoma lawmakers and signed into law May 19 by Governor Kevin Stitt specifies how premium taxes paid by captive insurance companies must be allocated by the state insurance commissioner. Read More