Published: February 2021

A Top Priority

AM Best TV & Audio: AIR Worldwide:Insured Cat Losses Average $100B: The company’s 2020 Global Modeled Catastrophe Losses report helps insurers identify potential growth opportunities. AM Best TV and AM Best Audio report on stories from a number of sectors within the insurance industry.

AM Best Webinars: Remote Claims Handling, Medical and Behavior Data And the Benefits of Captives: Professionals discuss how COVID-19 has changed the handling of insurance claims, how combining data sources can help life carriers reach fast decisions and how captives are an important risk management tool for their owners.

Best's Rankings: World’s Largest Insurers–2021 Edition: M&A, Divestitures Drive Changes in AM Best’s Rankings: Rankings are based on 2019 non-banking assets and net premiums written.

Books: Lifetime Income Can Help Ensure Your Money Lasts For as Long as You Do: Bruno Caron explains the importance of striking the right balance between income for the rest of your life and bequest.

Career Development: Insurers Turn to Apprenticeships To Find Diverse, Next-Gen Workforce: Aon, Zurich North America and Accenture’s multi-employer Chicago Apprentice Network has been so successful, it is expanding to other industries.

Corporate Changes: New Companies, Name Changes, Mergers And Acquisitions and Ownership Changes: Friday Health, Hoosier and Unigard insurance companies are among the life/health and property/casualty insurers in the United States that have been incorporated, merged or had another corporate change.

Diversity and Inclusion: Insurers Work to Build Diverse And Inclusive Workplaces: Last year’s nationwide protests and civil unrest, coupled with a pandemic that revealed racial disparities in mortality and health care access, have led to an increased focus on workplace culture.

Executive Changes: Philadelphia Insurance Cos. Names New Chief Executive: John W. Glomb takes over for Bob O’Leary, who has stepped aside after eight years in the top spot. Also, NAIC elects 2021 officers, III chief economist to retire and Scor SE names CEO successor.

From the Editor's Desk: The New Workplace Is Built on Professional Development, D&I and Apprenticeships: The issue also includes AM Best’s ranking of the world’s largest insurers, a look at life insurance startups and a listing of P&I clubs.

In the News: Insurance Europe Warns Of Regulatory Overreach: Industry group says the decision to perform forward-looking analyses on climate change risks should remain at the discretion of insurers.

In the News: Regulatory Update: Bill to ban credit scores in underwriting is introduced in the state of Washington.

Industry Updates: Munich Re: Insured 2020 Natural Catastrophe Losses Hit $82 Billion on Hurricanes, Wildfires: U.S. share was higher in 2020 as natural disaster losses accounted for $67 billion of insured losses, compared with $26 billion a year ago.

Industry Updates: UK Coalition Asks Government to Provide Insurance Backstop for Live Music Festivals: Coverage could be extended to a range of sectors, including hospitality, sports and leisure.

Insurance Marketing: ‘Property Brothers’ Build On Homeowners Insurance Message: Reality TV stars Drew and Jonathan Scott are named American Family Insurance’s newest brand ambassadors, and Mutual of Omaha retires Native American logo.

Life Insurance: Upstarts Dayforward and Bestow Seek to Shake Up the Traditional Life Insurance Sector: By becoming risk-taking carriers, these new players will plant their flags in an area not typically entered by insurtechs.

Next Wave: Why Recruitment And Retention Are Still Difficult, And How We Can Overcome These Challenges: Insurance organizations can address the talent gap by changing their approach to doing business and improving opportunities for employees.

Next-Gen Talent: Looking for a Career? The Insurance Business Offers a Wealth of Options for Young Professionals: This ‘hidden’ industry is often overlooked by college graduates, but it offers variety, financial security and the satisfaction of helping people when the unexpected happens.

Protection & Indemnity Clubs: Multiyear Hikes on the Horizon For Marine Protection And Indemnity Insurance Market: Broker Arthur J. Gallagher & Co. predicts hardening markets as P&I clubs seek dry land following years of givebacks and low rates that led to worsening combined ratios.

Regulatory/Law: 2021 Liability Forecast: COVID, Cyber, Opioids, Sex Abuse: Claims and lawsuits regarding insurance coverage show no signs of abating.

Risk Adviser: Ransomware Attacks, Biometric Regulations Challenge Insurers: Cyber cover and best practices help to mitigate new tech risks.

State Regulation: States Expected to Face COVID-19 Regulation And 2020 Backlog in New Year: Questions about risk-based pricing and issues related to racial justice also are likely to fill legislative and regulatory agendas across the country.

Technology: Hippo President: Non-Insurers Like Amazon Pushing Into Insurance Space: These companies with large customer bases could even create more competition for carriers than insurtechs, Rick McCathron said.

Technology: Ransomware Blooming, Sophistication Growing As Hackers Get More Brazen: Cybercriminals are now offering ‘customer service’ to victims, according to Resilience Insurance President Mario Vitale.

The Last Word: Insurance Jobs Hold Steady During Economic Upheaval Created by Pandemic: Employment in the sector is projected to increase through the year, primarily in areas such as technology, underwriting and claims.

Trending: Best's Research: Legacy Business Pressure Continues On LTC Insurers’ Bottom Lines : AM Best also comments on hardening in the 2021 general liability market and European reinsurance.

What AM Best Says: AM Best: Higher Rates Drive Nonstandard Auto Underwriting Profitability: The nonstandard auto market has benefited from lower combined ratios but faces growth challenges during the pandemic, said David Blades, associate director, AM Best.