Despite the impact of the COVID-19 pandemic, global insurers and reinsurers achieved premium growth in 2020 due to rate increases for reinsurance and commercial insurance lines, with US premiums outpacing gross domestic product growth, according to Willis Re. In the US market, most lines of business reversed second-quarter premium declines.
Captive insurance companies licensed in other domiciles would have a new incentive to redomesticate to North Carolina under legislation introduced March 25 in the North Carolina Senate. The measure would create temporary premium tax exemptions for captives redomesticating to North Carolina before December 31, 2022.
While large-scale terrorism events have declined in recent years, significant increases in riots, demonstrations, and vandalism have made civil unrest the main political risk exposure for companies, according to Allianz Global Corporate & Specialty (AGCS). Recent occurrences of civil unrest have resulted in significant losses and insurance claims.
Boards of directors need to play a more active role in protecting their organizations from cyber risks, according to a study released by the World Economic Forum (WEF). While the failure of cyber security is a "clear and present danger," responses from boards have been fragmented, a WEF statement said.