Latest Market Headlines
All the headlines from our Market Topic Page, ordered by recency.
RLI Announces Bryant to Replace Retiring CFO Brown, Other Changes
May 7 2019 // Specialty insurer RLI Corp. announced that its chief financial officer is retiring and it has made other executive changes. CFO Thomas Brown, who is also a senior vice president, will retire on July 1, 2019 after eight...
Swiss Re: Insurance Industry Must Wake Up to Costs of ‘Secondary’ Catastrophe Perils
May 6 2019 // The insurance industry must wake up to the growing cost of “secondary” catastrophe perils, which amounted to more than 60 percent of the $76 billion price tag for insured natural catastrophe losses during 2018,...
Industry Veterans Catlin and Brand Launch Specialty Bermuda Re/Insurer Convex Group
Apr 30 2019 // Insurance industry veterans Stephen Catlin and Paul Brand announced they have launched an international specialty insurer and reinsurer, Convex Group Ltd. Convex launches with $1.8 billion of initial committed capital and...
Direct-to-Consumer Auto Insurers Grabbing Market Share
Apr 25 2019 // Direct-to-consumer auto insurers appear to be gaining serious market traction, according to a report from J.D. Power. The firm reports that auto insurance revenue hit $245 billion in 2018, reflecting industrywide growth of...
Total Reinsurance Capital Drops in 2018, but Alternative Capital Keeps Rising: Willis Re
Apr 24 2019 // While total dedicated reinsurance capital dropped in 2018, alternative capital continued its steady rise, according to a report published by Willis Re. Total dedicated reinsurance capital – which includes traditional and...
California Insurance Commissioner Rejects Petition to Require Fossil Fuel Underwriting Disclosure
Apr 23 2019 // California’s new insurance commissioner wasn’t getting along so well on Earth Day with groups of climate change and consumer activists. California Insurance Commissioner Ricardo Lara, who put battling climate...
North Dakota Governor Signs Health Reinsurance Bill
Apr 22 2019 // North Dakota Gov. Doug Burgum has signed a bill that allows for establishing a reinsurance pool for the individual health insurance market in that state. House Bill 1106, backed by the North Dakota Department of Insurance,...
Fitch Keeps Stable Outlook for P/C Insurers After Underwriting Profit in 2018
Apr 22 2019 // After two consecutive years of combined ratios above 100, the U.S. property/casualty industry returned to a modest statutory underwriting profit in 2018 as catastrophe losses slowed, premium growth accelerated and several...
Report: Insurance Industry Contributes $38B-Plus to Michigan’s Economy
Apr 17 2019 // A new report shows that in 2017, Michigan’s insurance industry made an economic contribution of more than $38 billion to the state’s economy. The report released by Insuring More for Michigan also shows that...
Pennsylvania Insurance Department to Hold NextGen Academy for College Students
Apr 17 2019 // Pennsylvania Insurance Commissioner Jessica Altman has announced that her department, along with a working group of stakeholders, will this summer hold the Pennsylvania NextGen Insurance Academy to provide college students...
P/C Direct Premium Written Up 4% in 2018
Apr 15 2019 // Direct premium written (DPW) for property/casualty insurance companies continues to increase, albeit gradually. At year-end 2018, nearly $670 billion of DPW was reported, a record high for the industry. For 2018, total DPW...
New Atlanta-Based Multicultural Women’s Network to Tackle Industry Leadership Gap
Apr 15 2019 // After 25 years in the insurance business both as an agent and consultant, Mernice Oliver has heard a consistent theme from the women she has worked with and coached: there are no leadership initiatives or groups focused on...
Assignment of Benefits Reform Moves Forward as Florida House Passes Measure
Apr 12 2019 // Assignment of benefits reform legislation progressed in the Florida legislature yesterday. Lawmakers passed House Bill 7065, one of two key pieces of insurance industry-supported legislation – the other being its...
Insurance Industry Must Wake Up to Costs of ‘Secondary’ Catastrophe Perils: Swiss Re
Apr 12 2019 // The insurance industry must wake up to the growing cost of “secondary” catastrophe perils, which amounted to more than 60 percent of the $76 billion price tag for insured natural catastrophe losses during 2018,...
Senate Committee Passes Bill Impacting Florida’s Surplus Lines Insurance Industry
Apr 11 2019 // Senate Bill 538 passed from the Florida Senate’s Appropriations Subcommittee on Agriculture, Environment, and General Government on Tuesday, April 9. The bill, sponsored by Senator Jeff Brandes, R-St. Petersburg,...
What’s In Store for Insurance Industry As It Enters Post-Digital Era?
Apr 10 2019 // The insurance industry is entering a new “post-digital” era where success is based on an organization’s ability to master artificial intelligence (AI) and other new technologies. The post-digital era...
Florida Legislature Considers Reforms to Non-Admitted Insurance Market
Apr 9 2019 // Two bills seeking to change the way Florida surplus lines business is handled are currently working their way through the Florida State Legislature and advocates say the potential laws could bring much needed efficiency to...
FERMA Criticizes Cyber Insurance Guidelines Proposed by Int’l Standards Organization
Apr 8 2019 // The Federation of European Risk Management Associations (FERMA) is concerned about proposed cyber insurance guidelines being developed by the International Organization for Standardization (ISO), calling them...
Texas Insurance Commissioner to Industry: Watch Your Language!
Apr 3 2019 // Note: This is the second article in a three-part series resulting from a conversation with Texas Insurance Commissioner Kent Sullivan. Texas’ chief insurance regulator wants the insurance industry to clean up its...
New Atlanta-Based Multicultural Women’s Network to Tackle Industry Leadership Gap
Apr 3 2019 // After 25 years in the insurance business both as an agent and consultant, Mernice Oliver has heard a consistent theme from the women she has worked with and coached: there are no leadership initiatives or groups focused on...
