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In recent years, small towns, like Malden, Washington, have seen catastrophic fires that burned around them. As more people move into high-risk areas, the threat only increases. Now, many wonder how these communities can protect themselves. Experts say it will take investments in resilience and, most importantly, learning to live with fire.
Although price hikes have slowed across some reinsurance lines in 2021, recent catastrophes underscore the importance of sustainable prices that could support reinsurers in the long term.
The cyber insurance market could benefit greatly from more reinsurance cover, but attracting interest has been a challenge. One reason: the cyber market is relatively new compared to others in the property space with more adequate reinsurance options.
Rising attack frequency and severity contributed to the rate increase, said a new study. The study also found that malicious cyber events accounted for 80% of cyber insurance claims made in Continental Europe in 2020, up from 70% in 2019.
While aggregate U.S. commercial insurance price hikes continue to moderate, most lines are still producing robust price increases. Overall, the aggregate commercial price increase for the second quarter was just above 6% compared to the same period a year ago. That's a slowdown from the 8% increase in the 2021 first quarter.
Net premiums written grew by 1.4% even with all the givebacks. The growth was part of an ongoing trend: mutuals have seen net premiums written grow every year since 2010. The growth in 2020 was more pandemic-specific, as the market shifted from greater personal auto risk to greater homeowners risk.
Global life and non-life insurance and reinsurance COVID-19 claims are approaching $50 billion. In fact, the four major European reinsurers — Munich Re, Swiss Re, Hannover Re and SCOR — have had aggregate COVID losses of $13 billion.
Property-and-casualty insurance is set to undergo fundamental transformation over the next 20 years, says a new report. The industry's global portfolio is expected to shift from lower-risk motor insurance towards higher-risk property and liability lines.
Crash avoidance features and teen-specific vehicle technologies have the potential to prevent or mitigate up to three-quarters of fatal crashes involving teen drivers, a study by the Insurance Institute for Highway Safety shows.
