Market News
Rating Agency Maintains Negative Outlook on Global Reinsurance Sector
The global reinsurance sector won't earn its cost of capital this year and could struggle to do so again in 2022, according to S&P Global Ratings. The rating agency said it is maintaining its negative outlook for the reinsurance sector as the industry's returns continue to fall short. Read More
NAIC Report Shows Growth in Cyber-Insurance Premium, Policies in Force
The US cyber-insurance market grew 29.1 percent to $4.1 billion in 2020, according to data from a new report from the National Association of Insurance Commissioners (NAIC). During 2020, US insurers reported a total of approximately 4 million cyber-insurance policies in force, the NAIC report said. Read More
Renewal Rates for Nearly All Commercial Lines Increased in October
Year over year, all lines of commercial insurance except workers compensation experienced increases in average premium renewal rate in October, according to the "IVANS Index." Month over month, premium renewal rates rose for businessowners policy (BOP), commercial property, and umbrella. Read More
European Captive Sector Thriving in Face of Hard Commercial Market
The European captive insurance sector is experiencing an uptick in activity as captive owners seek risk transfer solutions in the face of a hard commercial insurance market, according to A.M. Best. A report suggests that some European captives are increasing retentions or limits and others adding new coverage lines. Read More
Hard Market Increases Challenges, Opportunities for Risk Managers
The hard commercial insurance market is challenging organizations as well as their risk managers as they look to address increasing premiums, reduced capacity, and insurers' desires to increase deductibles. In response to those market conditions, organizations are rethinking their risk financing strategies, including increased use of captive insurance. Read More