Pinnacle Actuarial Resources' 2020 Risk Retention Groups Benchmarking Study offers insights into RRG trends and context into their development. This is the third year that Pinnacle has produced the report, so there is the ability to cross-reference information between the three papers.
Consulting and actuarial firm Milliman, Inc., has announced a new telematics-based risk score offering designed to help improve commercial auto insurer profitability. Milliman created the new InsurTech offering, AccuRate Fleet, with connected vehicle and fleet technology provider Azuga, Inc.
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.
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.
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.