Market News

Property-casualty insurers experienced a turbulent year in 2020 marked by the global COVID-19 pandemic that disrupted economic activity and a historic catastrophe season that caused nearly $62 billion in insured losses, according to a report from Verisk and the American Property Casualty Insurance Association. Read More

Lloyd's and London market insurance companies have partnered with DXC Technology to support the goals set out in the Future at Lloyd's Blueprint Two to build the world's most advanced digital and technology-led insurance marketplace. The arrangement followed months of discussions, product development, and early solution workshops. Read More

US property and casualty (P&C) insurers writing cyber insurance are responding to spikes in cyber claims by taking significant pricing and underwriting actions, according to Fitch Ratings. The P&C industry's cyber-insurance direct written premiums increased 22 percent in 2020 to more than $2.7 billion, according to Fitch, reflecting an expanded demand for coverage. Read More

Despite widespread agreement among many large and midsized organizations about the threats posed by a variety of emerging risks, the vast majority of those organizations continue to overlook those risks' potential impact on their businesses, according to Marsh. That conclusion is found in the inaugural "Marsh Risk Resilience Report." Read More

Growth in cyber-insurance premiums has been outpaced by an even greater increase in claims, A.M. Best notes in a new commentary, with many cyber insurers now recognizing the significant risk in the coverage line. The increase in ransomware attacks could lead cyber insurers to rethink their cyber-insurance strategies. Read More