Cyber insurance market grows by over a third last year

computer keyboard cyber insurance market

A recently released Fitch Ratings report suggests that this digital coverage grew by 35 percent. A new Fitch Ratings report suggested that the cyber insurance market’s premium exposure, estimated to be $1.35 billion, is greater than predicted. Fitch pointed to natural obstacles to differentiating the cyber related premium from other forms of multi-line coverage products. High profile hacking cases making headlines are driving interest in the cyber insurance market. “Take-up rates for cyber insurance are increasing with frequent reports of computer hacking incidents, including: network intrusions and data theft, as…

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New service sheds light on ratings for the insurance industry

Insurance industry Financial Ratings Change

Fitch Ratings has launched its Ratings Navigator for Insurance service Fitch Ratings, a prominent statistical rating organizations, has launched a new service called Ratings Navigator for Insurance. The new service is meant to provide more information about the insurance industry, offering insight into how the organization’s ratings work and what affects these ratings on insurance companies. Some 50 insurance companies are categorized in the service, with these insurers operating in various parts of the world and offering numerous forms of insurance coverage. Service aims to shed some light on the…

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Cyber insurance could lead to growth in the reinsurance industry

Cyber Insurance

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

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Health insurance rate increases in California may not be beneficial for insurers

California health insurance

Insurers could be having trouble keeping up with the rate of medical inflation Fitch Ratings expects that health insurance rate increases in California will be a benefit for non-profit hospitals, but their impact on insurance companies is still uncertain. Insurers have been pushing for higher rates for the coverage they provide in the state and have been able to institute these rates regularly. The problem, however, is that the most recent round of rate increases may not be enough to help insurance companies keep up with the rate of medical…

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Commercial lines insurance sector continues to see positive growth

Commercial lines Insurance

Fitch Ratings predicts the continue of strong growth in the commercial lines sector Fitch Ratings, a global ratings agency, has released an update for its commercial lines insurance market report. The report highlights a growing trend of profitability and expansion for the commercial lines sector. The commercial lines sector is currently rates as “Stable” by Fitch, which predicts that the sector will continue to see strong progress in the coming months. The agency’s outlook on the sector is supported by growing profitability that insurers have reported over the past several…

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Insurance industry worldwide standards are increasing uncertainty

Insurance industry standards and technology

Fitch Ratings has warned that new plans by the IAIS could make issues of certainty worse. According to a statement from Fitch Ratings, the intentions of the International Association of Insurance Supervisors (IAIS) to come up with a global coverage capital standard based on risk will only bring about another layer of uncertainty for the insurance industry. The goal of the IAIS is to have the standard created and fully in place by the year 2019. This was pointed out by Fitch Ratings in the statement that they recently issued,…

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Disaster in Germany draws attention to flood insurance

Flood insurance enters limelight in Germany Over the past week, Germany has fallen victim to a catastrophic flood that has caused a significant amount of damage in some parts of the country. The flood began at the Danube River, which is the second largest river in Europe, and several other rivers quickly began to overflow. Combined, these rivers contributed to one of the worst flood disasters in Germany’s history and have put a great deal of strain on the flood insurance sector within the country. German floods expected to have…

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Insurance industry prepared to handle hurricane season

insurance news - atlantic hurricane season

Insurance industry will be capable of handling threats of the 2013 hurricane season There are many concerns swirling around the U.S. concerning this year’s hurricane season. Many of these concerns relate to the impact that 2012’s Hurricane Sandy had on the East Coast. This single event caused more than $75 billion in damages in the U.S. and elsewhere and is considered the second costliest hurricane the country has ever seen. The National Oceanic and Atmospheric Administration recently announced that it predicts as many as 6 major hurricanes to form in…

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Fitch Ratings suggests Thai life insurance sector is stable

insurance industry report

Fitch Ratings report highlights stability of Thailand’s life insurance industry despite natural disasters A new report from Fitch Ratings, a global rating agency, suggests that the Thailand life insurance sector will see healthy premium growth well into 2013. This growth is being attributed to growing population affluence and increase awareness and protection in the wake of recent natural disasters. Thailand has been battered by a wide range of catastrophe’s the most costly of which was a recent flood that caused severe disruptions in global supply chain for numerous industries. These…

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Fitch Ratings on the state of Italian insurance industry

Italian Insurance Industry

Italian insurance industry retains negative outlook Fitch Ratings, a global ratings agency and division of the Fitch Group, has released a statement concerning the state of the Italian insurance industry. Italy, like other countries in Europe, has been struggling to cope with the impact of financial crisis. The country was one of the hardest hit by the crisis, which took hold of the region in 2009. Years have passed since the development of the crisis and several countries are still working to mitigate its effects and recover. Industry pummeled by…

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