Market News
Cyber Insurance Market Grows with Continued Pricing Uncertainty
According to A.M. Best, the US market for cyber insurance grew significantly in 2017, as direct premiums written rose nearly 32 percent year over year to $1.8 billion, and policies in force jumped 24 percent to $2.6 million. Read More
Toa Re Expands Its European Portfolio
The Toa Reinsurance Company, Ltd., will begin underwriting European reinsurance business in Zurich, Switzerland, aiming to further develop its European portfolio currently written from Tokyo. Read More
New Vermont Law Allows for Affiliated Reinsurance Companies
A new law in Vermont offers an onshore affiliated reinsurance alternative to insurance companies affected by the recent imposition of the Base Erosion Anti-Abuse Tax on reinsurance ceded to offshore affiliates. The law provides for a more favorable reinsurance alternative for US companies conducting business in offshore jurisdictions. Read More
Fitch: US Property Casualty Insurers Set for Improved Performance
Following a rough 2017, US property and casualty (P&C) insurers are positioned for better performance this year in the commercial insurance market sector, according to Fitch Ratings' new report, "U.S. Commercial Lines Market Update (Underwriting Loss Should Reverse in 2018)." Fitch said that commercial lines represent approximately 41 percent of US P&C industry net written premiums. Read More
Fitch: Global Reinsurers Expected To Rebound from Catastrophe Losses
The sector outlook for global reinsurance remains negative given intense market competition, the influx of alternative capital that continues to pressure pricing, and persistently low investment yields that strain reinsurer profitability. Reinsurer profitability is expected to improve, reflecting the normalization of catastrophe losses and marginally improved pricing, according to Fitch Ratings. Read More