hard market News

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 …

Hardening Markets, Social Inflation, E&S Business: Berkley, AIG Execs Face Analysts

The commercial general liability line will be the next property/casualty line to harden, the chief executive of W.R. Berkley Corp. predicted at an industry conference. Speaking at the Keefe, Bruyette & Woods Insurance Conference last week, W. Robert Berkley Jr., …

Another Hard Market Harbinger: U.S. Commercial Lines Prices Up 4% in Q2

In yet another sign of a hardening market, U.S. commercial insurance prices grew at an accelerated rate compared to a year ago, according to Willis Towers Watson’s latest Commercial Lines Insurance Pricing Survey. Pricing jumped by nearly 4 percent in …

ILS Products Are Changing Reinsurance Industry Norms: ‘Acts of God’ Author

Second of two articles In the first article in this series, Paula Jarzabkowski, professor of Strategic Management at Cass Business School, City University London, discussed the findings of her book on the reinsurance industry, which show that the market is …

Reinsurance Market’s Evolution Could Affect Its Stability: ‘Acts of God’ Author

First of Two Articles The reinsurance market is moving from coverage of acts of God to one that covers commoditized risks – an evolution that could have long-term implications for market stability and trading large-scale risk, according to an industry …

Everyone Likes a Hard Insurance Market, Right?

What’s the big deal with a hard property/casualty insurance market? Everyone likes one, said Art Davis, president of Colony Specialty, a member of the Argo Group. “You make a lot of money, have good returns.” The problem is, Davis said …