Published: October 2023
AM Best TV & Audio: TransUnion Exec: Auto Premiums Taking a Hit Because of Fewer Traffic Citations: Also, professionals discuss the booming captive insurance and programs markets as well as captives’ role in corporate governance.
AM Best Webinars: Panelists To Explore the Effects of Generative AI, ChatGPT on the Insurance Industry: Professionals also examine the surplus lines market and discuss current conditions in the captive insurance sector.
App Store: Swiss Re Research Shows Apps Can Play an Important Role in Mental Health Support: Some people prefer the anonymity of interacting with artificial intelligence, rather than a human being, according to the insurer.
At Large: Data Is the Missing Piece in Insurance Wellness Programs: Information and engagement help create a sense of partnership with customers and lead to lower lapse rates.
Auto: Costs: What’s Driving the Rise in Auto Costs: Repair costs and bad driving habits led to more than $30 billion in underwriting losses for private passenger auto insurers in 2022, according to AM Best data.
Auto: Electric Vehicles: When It Comes to Insuring Electric Vehicles, It’s All About the Battery: The overall cost of repair is another factor, with electric vehicles costing, on average, 52% more to fix in 2022 than those with internal combustion engines; claims frequency, however, was much less for EVs than ICE cars, according to a report by CCC Intelligent Solutions.
Best’s Rankings: Auto: Top 25 Commercial Auto No Fault Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 Other Commercial Auto Liability – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 Other Private Passenger Auto Liability – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 Private Passenger No Fault Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 US Auto Liability Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 US Auto Physical Damage Writers – 2023 Edition : Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 US Commercial Auto Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 US Private Passenger Auto Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: Top 25 US Total Auto Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: US Auto Liability – Top Writers by State, Canada and US Territories – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: US Auto Physical Damage – Top Writers by State, Canada and US Territories – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: US Commercial Auto – Top Writers by State, Canada and US Territories – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: US Private Passenger Auto – Top Writers by State, Canada and US Territories – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Auto: US Total All Auto Lines – Top Writers by State, Canada and US Territories – 2023 : Ranked by 2022 direct premiums written.
Best’s Rankings: Caribbean Insurers: Largest Caribbean Insurers – 2023 Edition: Ranked by 2021 gross premiums written.
Best’s Rankings: L/H Asset Distribution: US Life/Health Asset Distribution – 2023 Edition: Ranked by 2022 total admitted assets.
Best’s Rankings: US Flood/Cyber: Top 25 US P/C Standalone Cybersecurity Insurers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: US Flood/Cyber: Top 25 Writers – US Private Flood – 2023 Edition: Ranked by 2022 direct premiums written.
Book Store: How To Mitigate the Risk Lurking in Cybersecurity Mitigation: Author recommends companies perform a rapid risk assessment before building a risk management strategy.
Corporate Changes: Mergers, Acquisitions, State Actions and Name, Ownership and Domiciliary Changes: Southland National, Vantage Risk and ClearPath are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Executive Changes: AIG Appoints Global Chief Underwriting Officer: Beazley CFO announces departure, SiriusPoint hires global head of ceded reinsurance and Axa taps CEO for U.K. and Ireland.
From the Editor’s Desk: On the Road Again: Traffic has been returning to the roads, leading to an increase in accidents and damaged cars. This month’s issue focuses on U.S. private passenger auto insurers. It also includes expanded U.S. auto insurer rankings.
Industry Updates: Senators, Witnesses Agree Risk Reduction, Infrastructure Investment Are Critical in P/C Markets: Mitigating the impact of fires, floods and high winds are cost-effective solutions compared to spending on recovery and rebuilding from a catastrophe, speakers at a recent U.S. Senate hearing said.
Insurance Media: ‘Insurance Guys’ Driven To Help Other Agents—Without Boring Them: Scott Howell and Bradley Flowers have been keeping it real with listeners for more than six years.
Insurance Professional Resources: Claims and Litigation Already Feeling Effects of Florida’s New Tort Reforms: Florida tort reforms that took effect March 24 already have impacted claims and litigation, according to G. Jeffrey Vernis, managing partner, Vernis & Bowling, in an article posted on the law firm’s website.
Issues & Answers: Issues & Answers: Data • Asset Management: Industry experts discuss leveraging privacy-conscious data for underwriting and pricing, as well as asset management strategy and the outlook for 2024.
Life Insurance: RGA President: Life Reinsurance Growth Strengthens in Asia, Europe: The Hong Kong business is benefiting from the recovery of mainland China to pre-COVID-19 levels. This is a “material” source of income for the Hong Kong market, said Tony Cheng, president of Reinsurance Group of America Inc.
Parametric Insurance: Parametric Insurance Helps Restore Dwindling Coral Reefs: The first-of-its-kind policy in the U.S. finances work by The Nature Conservancy to repair ecosystems critical to the health of the water and the land.
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: Insurers: Know, Learn and Share the Business Judgment Rule: The industry must learn how to protect itself when facing litigation and any liability issues.
State Rate Filings: North Carolina Auto Rates To Rise an Average of 4.5% in Both 2023 and 2024: The rates take effect on new or renewed policies as of Dec. 1, the state Department of Insurance said.
The Last Word: Michigan Director of Captives Sees Future in Cannabis, Auto, Life Sectors: The growing program also is seeing new formations from other states and is poised to receive a record number of premium by the end of the year, according to David Piner, director of the captive program, Michigan Department of Insurance and Financial Services.
Trending: Best’s Research: Trending Research Includes a Market Segment Report on Global Reinsurance: Other trending research includes reports on property/casualty insurance and fronting carriers.
US Long-Term Care: AM Best: Long-Term Care Claims Trending Up Since Pandemic: Rising claims costs and the inadequate pricing assumptions from the past continue to have an impact, according to a newly published AM Best report.
Underwriting & Loss Control: Surge of Catalytic Converter Thefts Tied to Soaring Prices of Precious Metals: Best’s Underwriting & Loss Control Resources offers insights into coverages and exposures for automobile and truck dismantlers.
Web Traffic: Web Traffic: Visits to US Private Passenger Auto Insurance Sites: Progressive leads web analytics provider Semrush’s ranking of most-visited private passenger auto insurer websites.
What AM Best Says: AM Best: Auto Insurance Profitability Unlikely in Near Term as Rate, Inflationary Pressures Continue: Rate adequacy remains a challenge because of an increase in loss severity, according to a Best’s Market Segment Report.