hard market News

Insurance Premiums Surging for Ukraine War-Exposed Business: Sources

Insurance premiums are doubling or more for some aviation and marine business particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say. Global commercial insurance premiums rose 11% on average in the first …

Memo to Brokers: Stick With Loyal Insurers/MGAs, Price Isn’t the Only Differentiator

Instead of oscillating between extreme hard and soft markets, the insurance industry needs to promote a more sustainable business model that will help control the insurance cycle, according to an executive at the insurer Markel UK. And perhaps the ongoing …

British Insurance Brokers’ Assn., Allianz Create Digital Guide to Combat Underinsurance

The British Insurance Brokers’ Association (BIBA) and Allianz have developed a digital guide to support brokers in helping their customers avoid the risks of being underinsured. Underinsurance occurs when you have insufficient insurance cover that leaves you responsible for a …

Why This Is Not a ‘Standard’ Hard Market and Other Views on Today’s Insurance Market

Interesting. Fluctuating. Moderating. Fun. Those are the words that Patrick M. Gallagher, chief executive officer of Gallagher Global Brokerage for the Americas, used to respond to a question about the state of the insurance marketplace during a virtual conference hosted …

Global P/C Industry Sees Strongest Rate Hikes in 20 Years but Inflation Headwinds Loom

Robust global economic recovery, higher risk awareness and the strongest rate hardening for 20 years in non-life insurance commercial lines will combine to push premiums 10% above pre-COVID-19-crisis levels this year, creating a faster bounceback than from the global financial …

How Lloyd’s Underwriters Are Viewing Today’s U.S. Property Insurance Environment

While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd’s market who were in the process of increasing property insurance rates when the pandemic hit, the timing may be auspicious. Had the outbreak struck …

More Companies Turn to Captives as Rates Rise, Terms & Conditions Tighten

Fed up with rising prices and more stringent terms and conditions for their insurance policies as a result of the coronavirus pandemic, companies are turning to in-house insurance firms. These so-called “captive” insurers are already common among large firms, with …

Casualty Reinsurance Demand Rises in N. America Despite Hardening Primary Rates

Although there is a significant market correction taking place in the North American liability insurance market, demand for casualty reinsurance is increasing, said Chirag Shah, executive vice president, Casualty Reinsurance, at Willis Re. Low interest rates, economic volatility, social inflation …

Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market

Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price increases became necessary after 10-plus …

For Global Insurers, Pandemic Likely to Erase Profits Until 2021 Second Half: Fitch

While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of 2021 as a result of the effects of …