Market News
Guernsey Creates ESG Framework for Insurers, Insurance Managers
Guernsey has created an environment, social, and governance (ESG) framework for insurers. The framework was designed by the Guernsey International Insurance Association (GIIA) with the aim of helping member organizations manage ESG opportunities and risks. The framework enables insurers and insurance managers who are members of the GIIA to self-certify. Read More
Pace of Global Insurance Price Increases Slowed in First Quarter
Global insurance prices increased 18 percent during the first quarter of 2021, according to Marsh's Global Insurance Market Index. It was the first quarterly decline in the average rate of premium increase since the index reported the first rise in global rates during the fourth quarter of 2017. Read More
Vermont Lawmakers Approve Bill Easing Reporting Requirements
Vermont lawmakers gave final approval to legislation that will ease reporting requirements for new captive insurance companies. Under S. 88, captives, before receiving a license, will have to file a copy of their organizational documents with the state insurance commissioner along with any other documents requested by the commissioner. Read More
North Carolina Senate Approves Redomestication Incentive Measure
The North Carolina Senate approved legislation that would give captive insurance companies licensed elsewhere an incentive to redomesticate to North Carolina. Captives that redomesticate to North Carolina before December 31, 2022, would be exempt from state premium taxes for the tax year in which they redomesticate and the following year. Read More
ILS Market Remains Strong as First-Quarter Issuance Exceeds Average
Unphased by the COVID-19 pandemic, the insurance-linked securities (ILS) market continued to thrive through the first quarter of 2021. While the quarter's new issuance might have fallen short of last year's record pace, new catastrophe bonds and related ILS issuance exceeded the 10-year average. Read More