Market News
Increased Claims Volume, Costs May Hit US Cyber Insurers' Profits
While cyber insurance has been a profitable line for US property-casualty insurers, those insurers will likely face increased claims volume and average cost per claim going forward, according to Fitch Ratings. Still, Fitch said a negative rating action resulting from underwriting losses related to a cyber incident is unlikely. Read More
Airmic Cyber-Insurance Survey Finds Concerns, Captive Consideration
A recent Pulse Survey of cyber-insurance market conditions conducted by Airmic, the UK risk management association, found respondents saying that cyber risks are the most likely new risk to be financed with captive insurance. The survey also found that a perception that the cyber-insurance market is still developing. Read More
IAIS Study Estimates Insurers' Climate Risk Investment Exposure
A recently released report from the International Association of Insurance Supervisors (IAIS) found that 35 percent of insurers' invested assets are exposed to risks from climate change. The data in the 2021 Global Insurance Market Report (GIMAR) represented 75 percent of the global insurance sector, according to the IAIS. Read More
Catastrophe Bond, ILS Issuance Sets 12-Month Record through September
The catastrophe bond and insurance-linked securities (ILS) market set a new record for 12-month issuance over the period ending on September 30, 2021, according to Artemis. According to data from the Artemis Deal Directory, issuance of catastrophe bonds and ILS reached $21.9 billion over the 12 months through the end of September. Read More
Report Finds Risk Retention Groups Posted Solid Second-Quarter Results
Risk retention groups are reporting very good financial results for the second quarter of 2021, according to a new report. The report by Demotech Inc. found risk retention groups' cash and invested assets rose 14 percent in the second quarter of 2021 from the second quarter of 2020. Read More