A.M. Best has affirmed the A (Excellent) financial strength rating of American Contractors Insurance Group (ACIG) with a financial size rating of VII ($100 million to $250 million) in capital and surplus. ACIG was the recipient of the Captive Insurance Companies Association’s (CICA’s) 2019 Outstanding Captive Award.
Commercial insurance premiums continued to increase in the third quarter of 2020, according to the Council of Insurance Agents and Brokers’ (CIAB) quarterly Commercial Property-Casualty Market Index. Survey respondents reported moderate to significant increases for all account sizes and all commercial lines, including workers compensation.
AXA XL Risk Consulting has launched a new globally available risk assessment service, Risk Scanning, to carry out multiperil assessments of companies' physical locations. The new solution combines the expertise of AXA XL risk consultants with data mining capabilities and probabilistic algorithms.
While global insurance premiums are projected to fall 1.4 percent this year, premium growth is expected to rebound swiftly in 2021 and 2022, supported by continued rate hardening, according to a new report from Swiss Re. The new report estimates that global premium growth will hit 3.4 percent in 2021.
Nearly all commercial insurance lines saw year-over-year renewal rate increases again in October, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service. Year-over-year, all lines of business except workers compensation saw an increase in average premium renewal rates.