Industry West ’s Post

“The International Commercial Insurance/Reinsurance & Captive Industry in Cayman continues to thrive. We are seeing growth across all types of captives as insureds face a hard market for certain lines of coverage, encounter capacity shortages, and deal with coverage restrictions. The Life and Annuity reinsurance sector is also growing, driven by annuity providers seeking enhanced capital efficiency. This growth was especially evident in Q2, given the variety of licensees and license classes. It’s very encouraging to see single-parent and group captives thriving alongside new commercial reinsurers. These developments are contributing to the continued growth of Cayman as a prime jurisdiction for the international insurance industry, underscoring that Cayman remains an increasingly attractive place to do business.” - Kieran Mehigan, Chair of IMAC Click to read our full update on the just-released licensing statistics from Cayman Islands Monetary Authority for 2Q 2024.

Marsh McLennan Ranks #1 as largest Insurance Brokerage in the World

North America’s property insurance market will start to see more stability, capacity, and in some cases, rate relief as carriers eye growth in 2024 and new entrants bring more options to the table. https://lnkd.in/gipXCPqZ

Is North America's property insurance market transitioning in 2024? Insights on what to expect in 2024. https://lnkd.in/ejkpj5ky

North America’s property insurance market will start to see more stability, capacity, and in some cases, rate relief as carriers eye growth in 2024 and new entrants bring more options to the table, according to specialists. #insurance #propertyinsurance #claimsadjuster #claims

Experts at Lockton foresee a more stable North American property insurance market in 2024. Tom Rowley and Simon Scholfield anticipate growth, increased capacity, and potential rate relief, hinting at significant changes by year-end. https://hubs.ly/Q02fgrhB0 #PropertyInsurance #InsuranceMarket #LocktonInsights #Insurance

As property insurance enters a transitional phase, Jencap Group's Ben Beazley sheds light on the evolving landscape and broker challenges. With premiums and carrier capacity under pressure, brokers navigate a pivotal juncture, seeking competitive rates amidst shifting market dynamics. https://hubs.la/Q02s6-2j0

Change is important for growth; in any capacity. Read the article below to learn how Berkshire Hathaway Specialty Insurance is evolving to better service our customers.

Florida's property insurance market is showing signs of stabilization, according to Insurance Commissioner Michael Yaworsky. Key developments include recent rate filings, reduced reinsurance costs, and increased participation in the Citizens Property Insurance Corporation's Depopulation Program. Notably, several insurers have filed for rate decreases or zero percent increases, and the reinsurance market saw its first cost decrease in years. The state's 2023 reforms have also attracted new insurers, further strengthening the market. These improvements are expected to benefit Florida homeowners by providing a more stable insurance environment. To find out more, click on the article below! https://lnkd.in/e_ep8wbA

The property insurance market is becoming more buyer-friendly, with increasing competition among commercial insurers helping to create stability and more predictable renewal outcomes for US insurance buyers, according to Lockton’s latest Market Update.