Despite these shifts, commercial auto and umbrella lines continued to see significant pricing increases. Average premiums for commercial auto rose by 10.4%, while umbrella lines were up 9.5%. The CIAB attributed these increases, in part, to losses linked to litigation finance activity.
Automation is viewed as a growing factor in the underwriting process. More than half (53%) of respondents expect underwriting tasks to become more automated in the coming years. That expectation may be tied to perceptions of the work itself, as 84% of industry leaders described underwriting tasks as somewhat to very tedious. Source link
In response, Central Huijin Investment Ltd., a unit of China’s sovereign wealth fund, said it has sufficient liquidity and smooth funding channels to serve as a market stabiliser. The People’s Bank of China followed with an announcement that it would make refinancing tools available to Central Huijin to support its liquidity needs. Source link
