Published: May 2023
AM Best TV & Audio: Guy Carpenter Exec: Mutuals’ Trustworthiness an Asset in Offering Parametric Insurance: Also, professionals discuss how health insurers navigate a post-COVID world and examine the increased interest in war and political violence coverage.
AM Best Webinars : Insurance and Technology Experts To Discuss Challenges Facing the US Auto Sector: Professionals also will explore the state of the U.S. medical professional liability insurance market.
App Store: Defending Against Insureds Trying To Work the Workers’ Comp System: Data sharing software from Fraud Sniffr helps adjusters and attorneys identify and track side hustles on the internet.
At Large: The Transformation Horizon: Tech Priorities for 2040: Participants in the ACORD survey Insurance 2040 identify application programming interface as the most impactful technology over the next 10 years, while AI and machine/deep learning will be priorities at the 20-year mark.
Best’s Rankings: P&I Clubs : Members of the International Group of P&I Clubs – 2023 Edition: Ranked by 2021 gross premiums written.
Book Store: Selective Marketing, or the Difference Between Insurance and Broccoli: Economist Amy Finkelstein discusses how choosing the right customers can affect the success of insurance markets.
Book Store: Selective Marketing, or the Difference Between Insurance and Broccoli: Economist Amy Finkelstein discusses how choosing the right customers can affect the success of insurance markets.
Chart: Excess and Surplus Lines Insurer 2021 Written Premium by Line of Business:
Chart: US Life/Health: Impairments 2021 (chart):
Chart: US Life/Health: Impairments by Primary Business, 2000-2021 (chart):
Chart: US Life/Health: Impairments – Accident & Health Writers:
Chart: US Life/Health: Impairments – Annuity Writers (chart):
Chart: US Life/Health: Impairments – Assessable Stipulated Premiums Writers (chart):
Chart: US Life/Health: Impairments – Industrial Life/Burial Insurance Writers (chart):
Chart: US Life/Health: Impairments – Specific Causes, 2000-2021 (chart):
Excess and Surplus Lines : What Excess and Surplus Lines Can Tell Us About Captive Insurance: Both have provided financial lifelines for organizations needing coverage that otherwise would have been unavailable or unaffordable.
Executive Changes: Lloyd’s Appoints Chief Operations Officer: Allianz names global head of specialty, Gallagher fills new CEO-global insurance role and Fubon Life Insurance welcomes chief executive office.
Executive Changes: Web Traffic: Visits to Top P&I Club Sites: North of England Protecting and Indemnity Association leads web analytics provider Semrush’s rankings of P&I clubs.
From the Editor’s Desk: A Closer Look at Insurance Expense Efficiency : The May issue also examines life insurance impairments and the competitive challenge to attract talent with expertise in data and technology. An exclusive ranking of the largest P&I clubs is included as well.
I&A Intro: ESG & Recruitment: Industry experts say insurers need to broaden their talent base if hiring continues to be a challenge.
Industry Updates: Chubb’s Greenberg: Stressed Relationship Between US, China Among Top Global Issues: In his annual letter to shareholders, Chubb Ltd. Chairman and CEO Evan Greenberg warned of major geopolitical and economic concerns for multinational businesses.
Innovation: AM Best: Innovation Efforts Differ Among Insurance Companies: A recent Best’s Special Report, Insurers Continue to Innovate, Albeit to Varying Degrees, describes ways companies adapt and modify operations in response to events, such as the COVID-19 pandemic.
Insurance Professional Resources: Bressler Amery & Ross Attorneys Win Insurance Defense Case: Additional coverage includes three new partners at Hardin Kundla McKeon & Poletto.
Insurance Professional Resources: Hardin Kundla McKeon & Poletto Announces Three Newest Partners:
Insurtech: Counterpart’s CEO: ChatGPT, AI Leverage Repetition to Analyze Risk: Tanner Hackett says he sees innovation from distribution to claims and expects M&A activity to increase.
Insurtech: Eversheds Sutherland’s Partner: Insurers and MGAs Should Prepare in Case They Part Ways: Some insurtech-insurer relationships are winding down because they didn’t deliver on original expectations.
Life Insurance: AM Best: US Life/Health Insurance Companies Impaired by Business Failure, Weak Operations: A Best’s Special Report identifies the causes of difficulties experienced by certain insurers from 2000 to 2021.
Munich Re: Next-Gen Workforce: As demographic shifts and aging populations continue, it is anticipated the U.S. will experience an ongoing shortage of workers and hiring will remain challenging for years to come. Sarina Puccio, Head of Credit and Surety, Munich Re US, said the labor shortage is one of the hottest topics for insurers. “Workforce participation remains below pre-pandemic levels,” she said. Following are excerpts from an interview.
Nationwide: ESG Reporting Requirements: Keith Riccio, Executive Vice President, Commercial D&O Liability for Nationwide Management Liability and Specialty, said that environmental, social and governance reporting requirements are not particularly cumbersome for companies. “It is, however, one that will be done deliberately and along the lines of other reportable metrics that they’ve been forced to set up over the last 20 years,” he said. Following are excerpts from an interview.
P&I Sidebar : A closer look at 5 P&I Clubs :
Philadelphia Insurance: Changing Perceptions to Find Talent: Laura Crossin, Senior Vice President of Human Resources at Philadelphia Insurance Cos., said the industry needs to make a commitment to develop young talent. “It’s important that we are very mindful about creating entry-level doorways that are accessible to all folks coming into the industry,” she said. Following are excerpts from an interview.
Preferred Publisher Program: In Other News …: A roundup of news from publishers around the globe. Access to some sites may require registration or subscription.
Protection and Indemnity Clubs: Marine Mutual Clubs See Improved Rates and Volume in Annual Renewals: Before the February renewal deadline, the majority of protection and indemnity clubs announced general increases as they move toward price adequacy, according to AM Best.
Risk Adviser: Life/Health Insurers’ Future? Promoting Well-Being: Insurance-linked wellness programs have a widespread impact.
State Rate Filings: Best’s Rankings Commercial General Liability Approved Rate Filings by Overall Effect With Increases Greater Than 70%: Based on a disposition date beginning April 1, 2022, through April 1, 2023.
State Rate Filings: Bets's Rankings Commercial General Liability Approved Rate Filings by Overall Effect With Decreases Greater Than 30%: Based on a disposition date beginning April 1, 2022, through April 1, 2023.
Table 1: Table 1 – Excess and Surplus Lines Annual Earned Premium Growth by Line of Business:
Table 2: Table 2 – Excess and Surplus Lines Premium Growth by 2021 Insurer Surplus Size:
Talent Recruitment: Insurers on the Front Lines of War for Talent: Technology positions will be among the most difficult to fill, according to a new labor market outlook study.
The Last Word : In the Superhero Universe, the Fight for World Domination Could Come With a Monster Price Tag: Covering damages from an epic battle in the city of Metropolis would be an out-of-this-world proposition for insurers. Well, if it happened in real life.
Trending: Best’s News: Column About Inflation and Insurance-to-Value Leads List of Best’s Review Articles: Other trending content includes features about ransomware, annuity sales and death benefits paid.
Trending: Best’s Research: Trending Research Includes a Report on 12-Month 2022 US Property/Casualty Financial Results: Other trending research includes reports on the U.S. life/annuity and health sectors.
Underwriting & Loss Control: : Two Years After Deadly Condo Collapse, What To Consider in a Landlord Policy: Best’s Underwriting & Loss Control Resources provides insight into the lines of coverage for apartments, cooperatives and condominiums.
Underwriting Expenses: Insurers Find Ways to Decrease the Underwriting Expense Ratio: An AM Best Special Report shows that years of work are finally paying off for carriers through improved efficiency.
Underwriting Expenses (AD sidebar): Promoting More Efficiency:
Underwriting Expenses (Best’s Special Report): AM Best: Underwriting Expenses Now Stable: Best’s Special Report says increases in expenses have been offset by commensurate increases in net premiums written.
Underwriting Expenses (TECH sidebar): Tech, Used Correctly, Can Help Lower Costs:
What AM Best Says: : AM Best: Hot Cyber Market Is Cooling: Insurers also are concerned about systemic risk, which is related to the lack of diversification in the cyber line, according to Sridhar Manyem, AM Best senior director, industry research and public relations, and Senior Industry Analyst Christopher Graham.