Market News
US Property-Casualty Insurers' Underwriting Results Improved in 2020
Despite the impact of the COVID-19 pandemic, the US property and casualty insurance industry's 2020 underwriting results showed sharp improvement, according to A.M. Best. Net underwriting income increased 30 percent in 2020 to $4.3 billion, Best said in a special report titled "P/C Snapshot: Statutory Underwriting Results for Full Year 2020." Read More
Number of US Cyber Insurers, Premiums, and Loss Ratio Grew in 2020
The number of US cyber insurers and cyber-insurance premiums continued to grow in 2020, according to a report from Aon. According to Aon’s 'US Cyber Market Update," 200 US insurers reported direct cyber-written-premium to the National Association of Insurance Commissioners in 2020, up from 192 in 2019. Read More
Major Cyber Insurers Join To Enhance Cyber Risk Mitigation Efforts
A group of cyber insurers has joined forces to form a company dedicated to enhancing cyber risk mitigation efforts across the insurance industry. Insurers joining in the new company include AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance, and Travelers. Read More
Workers Compensation Performance Expected To Remain Strong in 2021
Workers compensation underwriting performance is expected to remain strong this year with favorable results driven by recent reductions in claims frequency and further recognition of material reserve redundancies, according to Fitch Ratings. The current level of profitability is unsustainable over the longer term, however. Read More
Hardening Market, Regulatory Changes Driving GCC Captive Interest
The hardening commercial insurance market and regulatory developments are driving interest in captive insurance in Gulf Cooperation Council (GCC) countries, according to A.M. Best. Multiple potential captive parents in the region are conducting feasibility assessments or seeking regulatory approval, according to a new Best market segment report. Read More