Published: February 2023
AM Best Webinars: Panel to Discuss the Importance of Data Variables in the Insurance Industry: Professionals also explore different ways to position brands and examine the reinsurance sector amid the recent renewals.
App Store: Workers’ Comp Coaching App Responds to Injured Employees in Holistic Ways: Travelers launched Wysa for Return to Work, a coaching app that engages injured employees so they can learn resilience.
At Large: Digitalization, Informational Scale Create Integrated Interactions That Add Value: "Digital solutions have become much more important, but they shouldn’t replace personal interaction with policyholders. "
Best’s Rankings: Surety: Skyward Specialty Launches IPO: Skyward Specialty, which ranked No. 28 in the list of largest surety insurers, plans to use a portion of the net proceeds to boost capital at its carrier subsidiaries to enable growth.
Best’s Rankings: Surety: Top Surety Insurers — 2023 Edition:
Best's Rankings: World’s Largest Insurers — 2023 Edition: US Health Insurers Top List Based on Net Premiums Written: UnitedHealth maintained its No. 1 ranking based on 2021 net premiums written. Allianz SE kept its top spot based on 2021 net nonbanking assets.
Best's Rankings: World’s Largest Insurance Companies—2023 Edition : Ranked by 2021 net premiums written
Best's Rankings: World’s Largest Insurance Companies 2023 Edition: Ranked by 2021 nonbanking assets.
Book Store: Author: CEOs Must Connect Traditional Capacities, New Capabilities: Book examines how business leaders are adapting and thriving in an era of disruption and transformation.
Corporate Changes: Acquisitions and Name, Ownership and Domiciliary Changes: "Great American Life Insurance, Reserve National Insurance and LIO Insurance are among the U.S. life/health and property/casualty insurers that have experienced a corporate change. "
Cyber Insurance: Cyber Dilemma: Insurers Face Evolving Ransomware Demands as Attacks Escalate: "Potential victims face tough decisions: Buy insurance or deal with the consequences of a potential cyberincident? If attacked, pay the ransom or not? Meanwhile, insurance companies are finding new ways to defend and protect against growing threats."
Cyber Insurance: US Cyber Insurance – Top 20 Insurers – 2023 Edition:
Cyber Insurance: Cyber Insurers, Brokers: Evolving Ransomware Calls for Vigilance:
Cyber Insurance: Industry Sees Need for Federal Cyber Backstop, but What Model Is Best?: Insurers acknowledge that the consequences of a cyberattack could be overwhelming and force them to turn to the federal government for help.
Cyber Insurance: Ohio Supreme Court Rules Owners Insurance Won’t Have to Cover Losses in Ransomware Attack: In September 2019, EMOI’s system was hacked in such a way that when a needed file was opened, a message would appear that stated the files were unavailable but could be restored for $35,000, according to a copy of the decision.
Directors and Officers Insurance : Special Purpose Acquisition Companies Complicate the D&O Market: Due to the unique nature of SPACs, after a target merger most, if not all, of these companies are investigated by several law firms looking for a potential breach of fiduciary duties.
Executive Changes: Axis Capital Holdings Names Successor as President-CEO Benchimol Announces Retirement: Munich Re Life appoints chief financial officer, SiriusPoint International taps new president-CEO and Chubb names first global climate officer.
From the Editor’s Desk: Ransomware Raises Difficult Questions: February’s Best’s Review focuses on ransomware and the growing number of cyberattacks. Concerns about a catastrophic incident have some in the industry considering a federal backstop. Other coverage includes a look at annuities and an exclusive AM Best ranking of the world’s largest insurers.
Industry Updates: Gallagher Re CEO: Grueling Reinsurance Renewals Could Haunt Carriers When Market Rebounds: Gallagher Re saw property reinsurance rates jump 15% to 150% in the United States, varying based on risk and catastrophe losses and outpacing single- to solid double-digit rate hikes in Europe.
Industry Updates: Howden: Jan. 1 Renewals Revealed Hardest P/C Reinsurance Market in a Generation: "The last time the market saw this level of capital dislocation was during the 2008-2009 global financial crisis, David Flandro, head of analytics, Howden, said in a statement. "
Insurance Marketing: Internal Branding Plays an Important Role in Successful Marketing : "Listening to employees helps keep corporate messaging current and accurate, the chief marketing officer for Fortegra said. "
Insurance Professional Resources: The Importance of Early Case Management in the Litigation Process: "Preparing witnesses for depositions and conducting mock trials can help identify case themes and weaknesses. "
Issues & Answers: Evaluating Risk in the Evolving Cyber Market/A Day at the Breach: An industry expert discusses how cyber insurance can provide tools to help minimize the fallout from security breaches.
Life Insurance: Annuities Sales Grew Sharply in 2022; Strong Year in 2023 Possible: Annuities had a banner year in 2022 as volatility in equities markets prompted investors to seek stable, safer returns.
Life Insurance: Largest Insurers – Total Annuities – 2023 Edition :
Preferred Publisher Program : In Other News ... : "A roundup of news from publishers around the globe. Access to some sites may require registration or subscription. "
State Rate Filings: Best’s Rankings: Cyber Rate Filings by Overall Effect Greater Than 40%:
The Last Word: As Catastrophic Weather Proliferates, Art Insurers Paint a Picture of Uncertainty for Capacity and Rates: While a “hard market” in the art insurance industry isn’t what it is in other segments, experts expect the increase in frequency and severity of storms to drive up rates.
Trending: Best’s News: Top Audit and Actuarial Ranking Leads List of Best’s Review Articles: "Other trending content includes the top global insurance brokers, top U.S. surplus lines insurers and a feature about MassMutual. "
Trending: Best’s Research: Trending Research Includes Reports on 9-Month US P/C and Life/Annuity Financial Results: Other trending research includes reports on structured securities and market segment outlooks.
Underwriting & Loss Control: Growing Power-Washing Market Comes With Risks: Best’s Underwriting Reports and Best’s Loss Control Resources provide insights into the lines of coverage, exposures and loss control for power-washing contractors.
Web Traffic: Web Traffic: Visits to Cyber Insurers: Liberty Mutual Insurance Co. leads web analytics provider Semrush's ranking of the largest cyber insurers based on 2021 direct premiums written.
What AM Best Says: Florida Insurance Reforms: Long-Term Relief on Horizon; Near Term Headwinds Remain: The special Florida legislative session that ended on Dec. 16, 2022, tackled a number of challenges.
Workers' Compensation: AM Best’s Briefing: Workers’ Comp Market Strong, but Inflation Could Be a Concern: While the line had lower exposures during COVID-19, inflation for employers and declining rates could drive premiums down, according to Gordon McLean, senior financial analyst, AM Best.