Cyber-insurance premiums could increase 20 to 50 percent through 2021 due to a combination of 2020 trends that are expected to continue through this year, according to an Aon report. Among the 2020 trends shaping the cyber-insurance market this year were increased claims frequency and severity.
Despite the impact of the COVID-19 pandemic, the US property-casualty insurance industry improved its overall profitability in 2020, according to A.M. Best. For the year, the industry experienced a 68 percent increase in net underwriting income and saw its combined ratio improve slightly compared with 2019, A.M. Best said.
The Bermuda (re)insurance market is stable, as insurers and reinsurers benefit from a favorable pricing environment, according to Fitch Ratings. The favorable pricing environment saw Bermuda reinsurers experiencing solid premium growth in 2020, Fitch said, with net written premiums for the group increasing 8 percent.
The COVID-19 pandemic and the resulting increase in the use of digital health care is creating new risk issues in the healthcare industry. According to the Willis Towers Watson white paper, "The Future of Digital Health," the rise of digital health care will likely produce novel and unexpected risks.
Nearly all commercial insurance lines continued to see year-over-year premium rate increases in February 2021, according to the IVANS Index compiled by the IVANS insurance exchange service. Year over year, all lines of commercial insurance business experienced increases in the average premium renewal rate in February except workers compensation.