Published: August 2022
AM Best TV & Audio: Allianz Executive Warns Businesses Must Be Ready for Rising Social Unrest: Also, industry professionals discuss Tornado Alley shift, lack of disability insurance and a surge in auto telematics adoption.
AM Best Webinars: Panel to Explore the State of the Captive Insurance Sector: Professionals also examine how insurers can counter climate change through resiliency and discuss the wholesale insurance market.
App Store: App Provides Tips to Homeowners Before a Disaster Strikes: The app from the National Association of Insurance Commissioners allows people to track their home inventory.
At Large: The Insurance Industry Makes the World Safer and More Resilient: The insurance industry’s role in making the world a better place goes well beyond the “repair-and-restore” phase of a crisis.
Best's Rankings: US Total Auto — 2021 Direct Premiums Written — 2022 Edition: Insurers were ranked by 2021 direct premiums written.
Best's Rankings: Largest Latin America Insurers — 2022 Edition: Insurers were ranked by 2020 gross premiums written.
Best's Rankings: US Commercial Multi Peril — 2021 Direct Premiums Written — 2022 Edition: Insurers were ranked by 2021 direct premiums written.
Best's Rankings: US Cyber Insurance — Top 20 Insurers — 2022 Edition: Insurers were ranked by 2021 total standalone and packaged cybersecurity direct premiums written.
Best's Rankings: US Homeowners Multiple Peril — 2021 Direct Premiums Written — 2022 Edition: Insurers were ranked by 2021 direct premiums written.
Best's Rankings: US Medical Professional Liability — 2021 Direct Premiums Written — 2022 Edition: Insurers were ranked by 2021 direct premiums written.
Best's Rankings: US Property/Casualty — 2021 Direct Premiums Written by Line — 2022 Edition: Insurers were ranked by 2021 direct premiums written by line.
Best's Rankings: US Workers’ Compensation — 2021 Direct Premiums Written — 2022 Edition: Insurers were ranked by 2021 direct premiums written.
Book Store: Author: Companies Must Use Discipline When Making Technology Choices: Rightsure’s Jeff Arnold says companies must consider why and how they are using technology.
Captives: Protected Cell Structures Fuel Captive Insurance Growth: A hardening insurance market is among the factors resulting in more captives, nearly 20% of which are protected cells.
Catastrophes: 30 Years After Hurricane Andrew, Bermuda Reinsurers, Florida ‘Joined at the Hip’: Hurricane Andrew made landfall in Florida in 1992, changing the face of the global reinsurance market just as it was beginning to emerge.
Catastrophes: FIU Extreme Events Director: Prototype Facility Will Test Forces of a ‘Category 6’ Hurricane: Hurricanes are becoming more powerful and destructive. One of the goals of the facility is to anticipate and learn from what a Category 6 hurricane would bring. The damage and destruction from a 185 mph sustained event hitting a highly developed U.S. coastline would be unprecedented.
Corporate Changes: Name and Ownership Changes, Mergers, Acquisitions and State Actions: Royalty Capital Life Insurance, Viva Seguros and Southern Fidelity are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Cyber Insurance: AM Best: With Cyberattacks Becoming More Complex, US Cyber Market to Remain Hard: Rate increases are driving a large part of the premium growth and are expected to continue to rise through 2022.
Executive Changes: Liberty Mutual to Welcome New Chief Executive Officer, Secretary in 2023: Axa XL names global chief underwriting officer and Scor appoints successor to retiring CEO of reinsurance.
From the Editor’s Desk: Hurricane Andrew 30 Years Later: A Tale of Challenges and Success for Florida, Bermuda: Best’s Review examines the impact of Hurricane Andrew on its 30th anniversary. The issue also includes coverage of life insurance settlements and rankings of the largest U.S. cyber and largest Latin America insurers.
In the News: Bill Protects Insurers Serving Medical Marijuana Vendors: Pennsylvania’s new law prohibits government agencies from banning, discouraging or penalizing financial services firms from providing service to a “legitimate” cannabis-related company or its employees.
Industry Updates: Insurers Don’t Have to Pay Hurricane Ida Expenses: Judge ruled carriers don’t have to cover homeowners’ loss-of-use expenses in Louisiana.
Industry Updates: Lease Renewal Not Final, but Lloyd’s Expects to Remain at Lime Street Building: The company says as it adapts to new structures and flexible ways of working, it will continue to think about the future requirements for the spaces and services its marketplace needs.
Industry Updates: US Insurance Trade Groups Fight Defense Bill Adding Cyber Insurance Regulation: Industry groups say in addition to the increased costs and security concerns, their members don’t collect the kind of granular data that would be sought.
Latin American Insurers: AM Best Retains Negative Outlook on Peru’s Insurance Industry: Overall, economic conditions continue to recover from the pandemic due to the country’s macro-stability, according to Best’s Market Segment Report: Market Segment Outlook: Peru Insurance. However, many of the actions taken to enhance economic recovery have aroused political interest, creating challenges for the current and future performance of the insurance market.
Life Insurance: Startup Founder Hopes to Help People Find `Ferrari in the Garage’ by Taking Life Settlements Mainstream: Lucas Siegel, the founder and chief executive officer of Harbor Life Settlements, wants to make the life settlements industry resemble how homes are sold and bought online. By doing that, he’s hoping his company and the larger industry will grow by making the process more transparent and navigable for consumers.
Preferred Publisher Program: In Other News ...: A roundup of news from publishers around the globe. Access to some sites may require registration or subscription.
Regulatory Update: Illinois Proposes New Auto Insurance Legislation and Louisiana Deals with Lack of Homeowners Coverage: Some automobile insurance companies padded profits during early stages of COVID-19, Illinois officials said.
Risk Adviser: Rising Costs, Supply Chain Issues Impact Business Income Coverage: Agents can work with their manufacturing clients to review their current business income protection and limits and educate them on the increased risks related to business income.
The Last Word: Insurance Coverage Questions Surround Emerging NIL Industry: The name, image and likeness environment in college sports is compared to the wild, Wild West, and this includes the insurance aspect.
Trending: Best’s Research: Trending Research Includes Reports on IFRS 17, the London Market and Best’s Impairment Study: Other trending research includes reports on D&O, U.S. MPLI and the Florida property market.
Underwriting & Loss Control: Gun Manufacturers Lose Legal Challenge to New York Law: Best’s Underwriting Reports and Best’s Loss Control Reports provide insight into the lines of coverage, exposures and loss control for gun manufacturers.
Web Traffic: Visits to Top Cyber Insurance Writers' Sites: Liberty Mutual leads web analytics provider Semrush's ranking of cyber insurers.
What AM Best Says: AM Best: Legacy Segment Faces Challenges of Inflation and Adoption of IFRS 17: AM Best analysts report that a combination of motivated sellers and active buyers with capital to deploy is expected to keep deal flow in the legacy market buoyant in 2022 and beyond.