Market News
US Insurers Experienced Largest Third-Quarter Cat Losses Since 2017
The US property-casualty insurance industry's third-quarter natural catastrophe losses will be the largest since the third quarter of 2017, according to Fitch ratings. The third-quarter loss figures will be driven by the elevated frequency of losses during the 3-month period, Fitch said. Read More
Extended Low Interest Rates Will Harden Market Further: Munich Re
Citing the impact of low interest rates on reinsurers, Munich Re said it expects insurance markets to harden further. After years of eroding rates and softening of terms and conditions resulting from excess capacity and low major-loss expenditures, low interest rates are having an impact on reinsurers' profitability. Read More
Premium Increases Continue Across Most Major Lines in Third Quarter
Average premium renewal rates continued to increase year-over-year across most commercial insurance lines during the third quarter of 2020, according to the August IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service. Workers compensation average premium renewal create changes remained in negative territory. Read More
Captives Come to the Fore as Businesses Seek Hard Market Alternatives
The hard insurance market is highlighting the value of captive insurance companies both to control costs and to provide coverage that might be unavailable in the traditional market. Using a captive insurance company to address risks for which traditional coverage is either too expensive or unavailable offers several benefits. Read More
European Union Removes Cayman Islands from Tax "Blacklist"
The European Union has removed the Cayman Islands from its "blacklist" of noncooperative jurisdictions for tax purposes. In a statement, the European Council said the Cayman Islands, along with Oman, were removed from the blacklist "after having passed the necessary reforms to improve their tax policy framework." Read More