Many of the factors that US property and casualty insurers were forced to deal with in 2020 will likely continue to have an impact on their financial performance in 2021, according to A.M. Best. Last year's results reflect a still firm commercial lines pricing environment and higher-than-average catastrophe activity.
The COVID-19 pandemic and the resulting increase in remote working and online business has increased cyber risks, yet few businesses purchase stand-alone cyber insurance, according to a new report from S&P Global Ratings. Some businesses rely on "silent cyber" coverage from policies that don't specifically exclude the peril.
Wakefield Insurance Co., a captive insurance company that was licensed last year in Tennessee, has received a high rating, A-, from A.M. Best. Wakefield offers property and liability insurance coverage to senior and affordable multifamily housing facilities with common management and interest.
Existing insurance companies and start-ups in the London and Bermuda markets attracted capital in 2020, both to bolster balance sheets and to take advantage of perceived improvements in pricing and conditions, according to A.M. Best. Private equity, industry capital, and public placements all contributed to the capital inflows.
Average commercial insurance premium renewal rates continued to fluctuate across major lines in January, according to the IVANS Index, a regular premium renewal rate index. Year-over-year, all lines of insurance business except workers compensation experienced an increase in average premium renewal rate in January.