Published: August 2023
AM Best TV & Audio: Travelers Execs: Insurance Industry Poised To Take Advantage of AI, Other Emerging Technologies: Also, professionals discuss moving forward with DEI initiatives and explore IFRS 17 impact on shareholders’ equity.
AM Best Webinars: Panelists Discuss How Insurers Can Create an Effective Identity Fraud Management Strategy: Professionals also explore the growing stop-loss market, trends in cyber insurance and how effective use of data helps insurers.
Annuities: Life Insurers Leverage Higher Rates To Drive Annuity Growth: Bigger returns are now available on the simplest of products, but will consumers rush to surrender older contracts in search of higher income potential?
App Store: Sailing Toward Seamless Boat Rental Insurance With Digital App Navigation: Insurtech vQuip provides liability coverage for individual boat renters and a digital platform for managing specialty risks.
At Large: Tale of the Ticker Tape: What Global Equity Markets Can Tell Us About Our Industry: A recent ACORD study shows nearly half of the country’s 100 largest insurers achieved “sustainable value creation”—accruing profits through both underwriting and investment.
Best's Rankings: AM Best-Rated US Fronting Companies – 2023 Edition: Ranked by 2022 direct premiums written.
Best's Rankings: Largest Annuity Insurers – 2023 Edition: Ranked by 2022 market share (DPW%).
Best's Rankings: Largest Latin America Insurers – 2023 Edition: Ranked by 2021 gross premiums written.
Best's Rankings: Top 20 US Cyber Insurers – 2023 Edition: Ranked by 2022 total standalone and packaged cybersecurity direct premiums written.
Best's Rankings: US Commercial Multiperil – 2022 Direct Premiums Written – 2023 Edition:
Best's Rankings: US Homeowners Multiperil – 2022 Direct Premiums Written – 2023 Edition:
Best's Rankings: US Property/Casualty – 2022 Direct Premiums Written by Line - 2023 Edition:
Best's Rankings: US Total Auto – 2022 Direct Premiums Written – 2023 Edition:
Best's Rankings: US Workers’ Compensation – 2022 Direct Premiums Written – 2023 Edition:
Book Store: Author: Rising Attacks on Corporate Networks Highlight the Need for Cybersecurity ‘Ethos’: RightSure’s Jeff Arnold promotes insurance, other steps to protect organizations from growing incidents of cybercrime.
Captive Insurance: Iowa Governor Signs Captive Insurance Bill: Before the legislation was signed, captive insurance companies were not allowed to operate or sell insurance in the state.
Captive Regulation: NCOIL, Regulators, Captive Industry Urge IRS To Back Off on Proposed Rule: The IRS “goes too far” in addressing concerns about certain companies, NCOIL says.
Corporate Changes: Acquisitions, State Actions and Name and Ownership Changes: SummaCare of Michigan, American Country and Crusader Insurance are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Executive Changes: Former Allstate Executive To Succeed Retiring TruStage CEO: AIG names permanent chief financial officer, Scor hires group CFO-deputy CEO and Allianz Commercial CEO steps down.
From the Editor’s Desk: Best’s Review Launches Coverage of Insurance Podcasts: This month’s issue also examines fronting carriers and presents exclusive rankings of the largest Latin America insurers, largest annuity insurers, largest AM Best-rated U.S. fronting carriers, and U.S. property/casualty – 2022 direct premiums written by line.
Fronting Carriers: Fronting Carrier Market Growth Driven By Big Move in 2017:
Fronting Carriers: Fronting Carrier Sector Finds Growth, but Reinsurance Concerns Loom: Earlier viewed as a lower-profile sector, these insurers have gained prominence, producing more than $10 billion in direct premiums written in 2022. However, a hardening property market and other pressures remain.
Insurance Marketing: Charting the Path for Marketing Success Using Technology, Media: Omaha National’s Chris LaMantia discusses the value of targeted distribution, intentional messaging, social media and in-person connections.
Insurance Media: Quest To Become Influencers Leads to Long-Running Insurtech Podcast: With more than 200 episodes in the can, the creators and hosts of FNO: InsureTech Podcast speak with AM Best TV about their side hustle, which involves interviewing industry leaders on how tech is changing the world of insurance.
Insurance Professional Resources: Bressler, Amery Relocates Office in Fort Lauderdale:
Issues & Answers: Issues & Answers: Captive Services & Domiciles • Data • Reinsurance: Industry experts discuss how captives have shown steady growth as they help fill in gaps in coverage, and how telematics continues to give insurers new layers of useful data in terms of auto pricing. They also address what lessons reinsurers have learned during periods of high inflation.
Latin America Insurers: Slower Growth, Rising Rates To Further Complicate Debt Management for Latin America Insurers: Headwinds expected to affect the region in 2023 and in the near future come after a period of strong gross domestic product growth in 2021 and 2022, according to a recent AM Best report.
Litigation Funding: How Litigation Funding Is Affecting Settlement Strategies, Costs: Claims and legal experts call for consistent disclosure requirements as the growing practice exhibits a greater impact on the insurance industry.
Podcast List: A Selection of Insurance-Focused Podcasts:
Preferred Publisher Program: In Other News ...: A selection of stories from publishers around the globe. Access to some sites may require registration or subscription.
Risk Adviser: 3 Ways To Deal With Talent Shortage Head-On: Partner-carrier resources can increase agency efficiency and effectiveness.
State Rate Filings: Private Passenger Auto Approved Rate Filings by Overall Effect With Decreases of 10% or Greater: Based on a disposition date beginning Jan. 1, 2022, through June 1, 2023.
State Rate Filings: Private Passenger Auto Approved Rate Filings by Overall Effect With Increases Greater Than 40% : Based on a disposition date beginning Jan 1, 2022, through June 1, 2023.
The Last Word: Space Invader: If a Meteorite Strikes, Insurance Can Help: It rarely happens, but when a heavenly body hurtles toward Earth—and actually hits you or your property—there’s coverage, insurance experts say.
Trending: Best’s News: Insurance Underwriting Expense Ratio Feature Remains at the Top of Trending Magazine Stories: Other popular items include an article about ChatGPT and artificial intelligence and a webinar on auto insurance trends.
Trending: Best’s Research: Trending Research Includes Market Segment Reports on US Cyber Insurance and DUAEs: Other trending research includes a report on three-month 2023 U.S. property/casualty financial results.
Underwriting & Loss Control: When the Buzz at Starbucks Isn’t About the Espresso: Best’s Underwriting Reports and Best’s Loss Control Reports offer insight into coverages, exposures and loss control for commercial apiaries like the one that removed 15,000 bees that threatened a New Jersey coffee shop.
Web Traffic: Web Traffic: Visits to Top Cyber Insurance Sites: Liberty Mutual Insurance Cos. leads web analytics provider Semrush's ranking of most-visited cyber-insurer websites.
What AM Best Says: Cyber Price Increases Moderating as Profitability Returns to the Sector: Underwriters have worked hard to tighten the market even as rapid changes during COVID-19 exposed security weaknesses, AM Best analysts say.