Published: April 2023
Book Store: Successful Insurance Selling Depends on Training, Commitment and Connection: Author Ana-Maria Figueredo shares tips for producers who want to boost business and renew their passion for the profession.
From the Editor's Desk: Climate-Related Risks Emerge as a Key Focus for Insurers and Regulators: The April issue also examines other emerging risks, including cryptocurrency, ransomware and the train derailment in East Palestine, Ohio. An exclusive AM Best ranking of the largest Asia-Pacific insurers is included as well.
AM Best TV & Audio: Reforms Should Help Improve the Insurance Landscape in Florida, Gallagher Re EVP Says: Also, professionals discuss insurance-linked securities for investors and explore how scholarships help draw diverse talent to the insurance industry.
AM Best Webinars : Panel To Explore the Effects of Litigation Funding on the Insurance Industry: Professionals also examine how insurers are creating digital environments and discuss issues facing the casualty and E&S market.
App Store: AM Best: Updated App Adds Insurance News and Research, More Information on Rated Companies: Users can monitor updates to Best’s Credit Ratings and read related articles and reports.
Asia-Pacific Insurers: AM Best: Maturing Asia-Pacific Insurance Markets Offer Diversity and Growth Potential: The whole region is developing and creating “exciting” opportunities for insurers, said Rob Curtis, managing director, market development, Asia-Pacific, AM Best.
Best’s Rankings : Largest Asia-Pacific Insurers – 2023 Edition: Ranked by 2021 gross premiums written.
Corporate Changes: Merger, Acquisitions and Name and Ownership Changes: Pavonia Life Insurance Company of Michigan, Frankenmuth Mutual and XL Select are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Education: Georgia State Department of Risk Management & Insurance To Get New Name After $15 Million Gift: The Starr Foundation’s donation, the largest in the history of the university’s J. Mack Robinson College of Business, will be used to attract top students and faculty and provide a modern learning environment for what will be known as the Maurice R. Greenberg School of Risk Science.
Executive Changes: Newly Appointed Chief Executive Officer To Join Scor May 1: Legal & General begins search for successor to retiring chief executive, Ascot names new group president-CEO and Genworth splits leadership roles.
Industry Updates: Biden-Harris Cybersecurity Strategy Calls for Exploring a Federal Insurance Backstop: A government response to cyberrisk is just one recommendation outlined in the strategy document.
Industry Updates: Trade Groups Studying IAIS Criteria for Comparing Aggregation Method, Insurance Capital Standard: After months of discussion and feedback, the International Association of Insurance Supervisors developed criteria for the comparison study, which it said is scheduled to begin in the third quarter of 2023.
Insurance Professional Resources : Repelling Reptile Strategies and Establishing Boundaries in Expert Witness Testimony: Additional coverage includes a newly qualified member in Best’s Recommended Expert Service Providers.
Life Insurance: AM Best: US Life/Annuity Insurers Well Positioned for 2023 Challenges: Life insurance sales in 2021 and the first half of 2022 were up because of the pandemic, but inflation and fears of recession have insurers battling now for wallet share as consumers choose where to invest, according to Edward Kohlberg, director, AM Best.
Preferred Publisher Program: In Other News … : A roundup of news from publishers around the globe. Access to some sites may require registration or subscription.
Risk Adviser: Getting the Right Golf Insurance Coverage Isn’t Always Par for the Course: Hitting the links may not always be the most relaxing exercise for everyone. Keep your head up and watch out for liability traps on the links.
Risk: Climate Opportunities: A Hot Market: Insurers Launch Climate-Related Businesses as Green Tech Grows: Startups and legacy carriers compete to insure renewable energy projects and protect against extreme weather catastrophes.
Risk: Climate Regulations: Rising Tide in Climate Risk Regulation Presents New Challenges for Insurers: Analysts recommend companies stay engaged and adapt to changes, many of which concern disclosure and governance.
Risk: Crypto: Crypto, DeFi Insurance Targets Digital Assets, Technology: As cryptocurrency and decentralized financing become more popular, so does the need to protect those innovations, said participants in a recent AM Best TV panel.
Risk: Derailment: Attorneys, Analysts: Norfolk Southern Likely Facing Years of Claims Over Ohio Derailment: Lawyers and analysts not directly involved in the disaster said details of insurance coverage exclusions will matter greatly, but the freight carrier still could experience a significant impact on its finances and insurance coverage.
Risk: ESG: Texas Lawmaker Questions Carriers About ESG Policies: State Sen. Bryan Hughes wrote to the 10 largest P/C carriers in the state to see if their work is advancing the political agenda of what he called in a related tweet “shareholder activists.”
SemRush: Web Traffic: Visits to Top Asia-Pacific Insurers’ Sites: Japan Post Holdings Co. Ltd. leads web analytics provider Semrush’s rankings of top Asia-Pacific Insurers based on gross premiums written in 2021.
State Rate Filings: Fire and Allied Lines (Commercial Property) Approved Filings by Overall Effect With Increases Greater Than 25%: Based on a disposition date beginning on Feb. 1. 2022, through Feb. 1, 2023.
Surety Market: AM Best: Economy, Infrastructure Build-Out Likely to Steer Surety Market: The surety market has shown resilience despite facing economic challenges, and underwriters are continuing to produce solid results.
The Last Word : Homeowners in Small Louisiana Town Barred From Insurance Because of Nearby Prison Crime: Declinations of coverage were blamed on FBI crime data that included incidents from the state penitentiary, prompting the insurance commissioner to become involved.
Trending: Best’s News: Cyber Feature and Ranking of Top US Cyber Insurers Lead List of Best’s Review Articles: Other trending articles include a feature about annuity sales in 2022 and a ranking of the world’s largest insurers.
Trending: Best’s Research: Trending Research Includes a Report on Changing Dynamics for D&O Insurers: Other trending research includes a report on U.S. P/C insurers’ leverage ratios and a report on U.S. economic trends.
Underwriting & Loss Control: Hibachi Restaurants Can Get Burned if Not Properly Insured: Best’s Underwriting Reports and Best’s Loss Control Reports provide insight into the lines of coverage, exposures and loss control for eateries that feature teppanyaki grilling.
What AM Best Says: : AM Best: Changes in Crypto Market Are Mirrored in Ransomware Activity: Local or federal legislation that bans ransomware payments could adversely affect insurers, said Christopher Graham, senior industry analyst, AM Best.