Published: November 2023
AM Best TV & Audio: Scor Exec: Cat Supply and Demand Deficit Could Extend Current Hard Market: Also, professionals explore what is needed to close the protection gap and discuss the status of the ILS market.
AM Best Webinars: Panelists To Discuss Insurers’ Methods for Expert Cost Control in Construction Defect Claims: Professionals also explore innovation’s impact on small commercial insurance and examine how carriers are dealing with the shifting cyberrisk landscape.
At Large: M&A Motivations: Strategies for Success, Value Creation and Diversification: The insurance industry has had significant growth in the size of M&A transactions, but do the long-term results support this acquisition strategy?
Bank Failures: SOA Panel: Insurers Should Revisit Risk Mitigation After Spring’s Bank Failures: The collapse of Silicon Valley Bank in March followed by turmoil in other midsize banks left a trail of important lessons for the insurance industry that fueled a recent Society of Actuaries Research Institute roundtable discussion.
Best’s Rankings: Asset Distribution: Top 25 US Property/Casualty – 2022 Asset Distribution – 2023 Edition: Ranked by 2022 total admitted assets.
Best’s Rankings: Homeowners: Top 25 US Homeowners Multiperil – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Homeowners: US Homeowners Multiperil – Top Writers by State, Canada and US Territories – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: L/H Investment: Top 25 Life/Health Insurers’ Investment Returns – 2023 Edition: Ranked by 2022 total admitted assets.
Best’s Rankings: L/H Investment: US Life/Health – Pre-Tax Investment Total Returns – 2023 Edition: Investment returns from 2013 to 2022.
Best’s Rankings: Workers’ Comp: Top 25 US Workers’ Compensation Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Book Store: Author: Success Begins With Envisioning Yourself, Your Business and Your Workforce: Lionsmark Capital CEO Darren Sugiyama discusses what’s needed to build a thriving insurance agency.
Corporate Changes: Acquisition, State Actions and Name, Ownership and Domiciliary Changes: Mulhearn Protective Insurance, American Country and MutualAid eXchange are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Executive Changes: American International Group Promotes EVP-General Counsel to Newly Created Vice Chair Post, Names Successor: Axa XL hires Americas region CEO, Guy Carpenter Europe appoints CEO and Brown & Brown names Europe CEO.
Florida Property: Sprouting From Chaos: Opportunity Brings New Insurers to Florida: Five new carriers have come to the Sunshine State in the wake of legislation aimed at driving down litigation and opening up the homeowners market.
From the Editor’s Desk: Generative AI Launches a New AI Revolution: Best’s Review, in a joint effort with AM Best TV, explores how artificial intelligence is impacting the insurance industry. The November issue also includes AM Best rankings of the top homeowners insurers and the top workers’ comp writers.
Insurance Media: An Insurance Podcast That’s Awkward in Name Only: Insurance, by its very nature, is awkward, according to the hosts of Awkward Insurance. But their show also focuses on carriers, underwriters, and claims professionals who are looking to grow their businesses.
Insurance Professional Resources: Law Firm: West Virginia Statute Provides Insurance Industry With a Powerful Tool To Fight Fraud: The Insurance Fraud Protection Act labels a number of actions taken by an insured party as fraudulent acts.
Insurance Professional Resources: Third Circuit Rules Against Coverage for Business Losses Due to COVID-19: In January, the Third Circuit Court of Appeals ruled in Wilson v. USI Insurance Service LLC that 14 district courts were correct in dismissing attempted business interruption claims, according to Methfessel & Werbel
Issues & Answers: Issues & Answers: Workers’ Compensation • Florida Market: Industry experts discuss the benefits of specialization in workers’ compensation, the market’s challenges and the outlook for homeowners insurance in Florida.
Life Insurtechs : A Virtual Reality: Life Insurtechs Look Beyond Online-Only Sales for Growth: Life insurtechs find that focusing on sales in cyberspace may not go far enough in the current environment. Upstarts such as Bestow Life Insurance Co. and Wyshbox find that partnerships—with agents and legacy carriers—are key to expanding their reach.
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: Midsize Businesses Face Full-Size Risks: Middle market companies must navigate many of the same challenges as larger corporations, but often without adequate resources to address them.
State Rate Filings: California Homeowners Multiperil Approved Rate Filings by Overall Effect With Increases Greater Than 1%: Based on an effective date beginning Oct. 1, 2022, through Oct. 1, 2023.
State Rate Filings: California Regulators Working To Streamline Property Rate Review After Legislation Failed: With carriers pulling out or not writing new coverage and property owners flocking to the California FAIR Plan as their only option, the state’s property insurance market is following what Insurance Commissioner Ricardo Lara called an “unsustainable” path.
The AI Revolution: How AI Is Remaking Insurance Organizations: Industry leaders discuss what functions insurers will handle substantially with the help of artificial intelligence as well as some best practices for integrating the technology.
The AI Revolution: How AI Is Remaking the Insurance Workforce: As the insurance industry moves to embrace artificial intelligence, it also struggles to answer the question: Will this new technology make jobs easier or just easier to replace?
The AI Revolution: What the AI Revolution Means for Insurance Prospects, Policyholders and Regulators: Artificial intelligence is likely to change the ways that insurers identify risk opportunities and develop products. It also presents new challenges for regulators.
The AI Revolution: What the AI Revolution Means for Insurers, Insureds and the Insurance Workforce: Artificial intelligence is changing the way insurers do business, but it’s also presenting new challenges. AM Best TV interviewed industry experts in studio, at conferences and in the field throughout the year to discuss the technology, risk opportunities and potential regulatory issues.
The Last Word: In Search of an Underwriting Profit: In some years, insurers have had a hard time getting direct combined ratios under 100 in the multiperil homeowners line of business.
Trending: Best’s Research: Trending Research Includes Special Reports on Six-Month 2023 US P/C and US Life/Annuity Financial Results: Other trending research includes reports on global reinsurers and analytical briefings on captives and DUAEs.
Underwriting & Loss Control: Mitigating Risk Starts With a Healthy Dose of Cyber Hygiene for Medical Doctors: Best’s Underwriting & Loss Control Resources lists online security as one of the major issues that should be considered when insuring general practitioners.
Web Traffic: Web Traffic: Visits to US Homeowners Multiperil Insurance Sites: Progressive leads web analytics provider Semrush’s ranking of most-visited U.S. homeowners multiperil insurer websites.
What AM Best Says: AM Best: Outlook on US Homeowners Market Revised to Negative: Catastrophe activity, inflationary pressures and elevated reinsurance costs continue to cause headwinds for the industry, according to Maurice Thomas, AM Best senior financial analyst.