Published: December 2023
AM Best TV & Audio: Private Flood Market Sees New Opportunities as Risks Shift, Aon Edge Exec Says: Also, professionals explore athletes’ need for insurance and discuss the volatility of lightning losses.
AM Best’s Webinars: Panelists To Discuss How Insurers Can Navigate the Current Courtroom Environment: Professionals also examine how insurers control expert costs in construction defect claims and explore innovation’s impact on small commercial insurance.
Annuities: Annuities Newcomer Aspida Life Reaping the Benefits of a Fruitful Market: Aspida started operations in June 2022 from a “clean shell” with no legacy blocks. Now the company says it’s on a $2 billion annual run-rate for new business as it focuses on bolstering its technology.
App Store: App Looks to Build a Connection Between Construction Industry and Insurance: Billy provides an app that bridges that gap between construction and insurance.
Asset Management: AM Best: Growth in Insurers’ Private Equity Investments Slowed Significantly in 2022: Insurers responded to economic uncertainty and higher interest rates by slowing private equity investments in 2022 and scaling back on commitments for additional capital.
Auditors & Actuaries : Top Audit and Actuarial Firms: The firms were ranked by loss reserves.
Auditors & Actuaries: Health Screenings: Greater Health Screenings Could Save Life Insurers Money and Improve Mortality, Group Says: A nonprofit formed by industry executives is proposing insurers test policyholders for a battery of common causes of morbidity.
Auditors & Actuaries: SOA Panel: Industry Panel: Pandemic Could Leave Excess Mortality Levels High for Some Time: Excess deaths in the insured population aren’t going away, according to an actuary with Fortitude Re.
Best’s Insurance Professional Resources: Cozen O’Connor Expands International Insurance Coverage Practice : The Philadelphia-based law firm announced that five litigators have joined its Los Angeles and Houston locations.
Best’s Rankings: Top 25 P/C Accident & Health Lines Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 Property Catastrophe Risk Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US All Other Lines Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Commercial Multiperil (Liability) Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Commercial Multiperil (Non-Liability) Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Commercial Multiperil (Total) Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Fire and Allied Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Inland Marine Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Ocean Marine Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US P/C All Individual A&H Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Products Liability (Claims-made) Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Products Liability (Occurrence) Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Top 25 US Products Liability (Total) Writers – 2023 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: US Fire and Allied Lines – Top Writers by State, Canada, and US Territories – 2023 Edition: Ranked by 2022 direct premiums written.
Book Store: Author: Launching a Successful Agency Begins With Dedication, Strategic Planning: Prominent Insurance Services CEO Jason Rodriguez shares tips on how to create and scale a thriving insurance agency in today’s ever-changing insurance landscape.
Executive Changes: Scor Appoints COO, Names Deputy CEO of Scor Life and Health: Marsh McLennan announces successor to retiring vice chair, Generali fills new CEO insurance post and Kemper taps interim CFO.
From the Editor’s Desk: Industry Leaders Outline the Key Issues Likely To Come Into Play in 2024: Best’s Review interviewed insurance industry experts about trends they believe will make an impact in 2024. December’s issue also includes the magazine’s ranking of top audit and actuarial firms.
Insurance Media : Reinventing Insurance Podcast Looks to Reimagine Industry’s Operating Model : The podcast discusses reinvention initiatives that respond to executive and customer needs, such as how to prevent technology disruption. Its host, Paul Ricard of Oliver Wyman, hopes to engage with insurance leaders of all kinds.
Insurers Look Ahead: Insurers Look Ahead to 2024 and Key Issues: Catastrophes, Inflation, Layoffs, AI and More: It’s not just hurricanes. Severe convective storms are a growing concern. And the number of billion-dollar events has been increasing. Ransomware and litigation are also ongoing concerns for the industry.
Issues & Answers: Issues & Answers: Excess & Surplus Lines: An industry leader says the excess and surplus lines market has significant growth opportunities and is investing in technology to support the underwriting process.
Preferred Publisher Program: In Other News ...: A selection of stories from publishers around the globe. Access to some sites may require registration or subscription.
Regulatory/Law: Appeals Court Holds Coverage Melts Away in Ice Cream Maker’s Liability Case: The 5th Circuit found that a listeria outbreak and economic harm were the natural and probable result of inaction by Blue Bell Creameries corporate officers.
Risk Adviser: Underwriting AI: Is It Aligned With Insurance Industry’s Best Interests?: Underwriters could find themselves attracted to an AI application that may appear useful. But that application could, in turn, prove to be damaging.
State Rate Filings: Brown & Brown CEO: Rates Decline for Workers' Comp, Professional Liability Lines: Rate increases were somewhat consistent across most lines in the first half of 2023, with admitted markets up 5% to 10% and excess and surplus markets up 10% to 25%. The two most significant exceptions are workers’ compensation and professional liability for larger companies, both of which saw rate declines.
State Rate Filings: Worker’s Compensation Approved Rate Filings by overall Effect with Decreases Greater than 44%: Based on an effective date beginning Jan. 1, 2022, through Oct. 1, 2023.
The AI Revolution: Xceedance: What the AI Revolution Means for the Insurance Industry: The most successful companies will be those that keep technology, data and artificial intelligence at the center of designing and insurance operations, according to Arun Balakrishnan, chairman and chief executive officer.
The Last Word: US P/C Downgrades Outnumber Upgrades While Life/Health Downgrades Equal Upgrades in First Half of 2023 : Personal lines is having a very difficult year: in the first six months of 2023, there were eight upgrades and 21 downgrades.
Trending: Best’s News: Top Stories Include Features About Auto insurance Costs and Mutual Insurers: Other popular items include articles on industry layoffs and webinars on the surplus lines market and generative AI.
Underwriting & Loss Control: How Insurance Can Help Excavation Contractors Avoid Becoming Buried in Risk: Best’s Underwriting & Loss Control Resources provides insight into the lines of coverage for those in the excavation business.
What AM Best Says: AM Best: Positive Results Expected for Canada’s Insurance Market in 2023: Despite headwinds such as wildfire and weather in the country’s property/casualty sector, AM Best still observes strong risk-adjusted capitalization levels, relatively stable operating performance trends and continued effective risk management.