Guide to Understanding the Insurance Industry
Best's Rankings: Top 20 Global Brokers — 2024 Edition: Ranked by 2022 total revenue.
Best's Rankings: Top 20 P/C Managing General Agents — 2024 Edition: Ranked by 2022 direct premiums written.
Best's Rankings: Top 25 US Holding Companies – 2024 Edition: Ranked by 2022 total revenue.
Best's Rankings: Top 25 US Holding Companies – 2024 Edition: Ranked by 2022 total assets.
Best's Rankings: Top 25 US Life/Health Insurers — 2024 Edition: Ranked by 2022 total admitted assets.
Best's Rankings: Top 25 US Life/Health Writers — 2024 Edition: Ranked by 2022 capital and surplus.
Best's Rankings: Top 25 US Life/Health Writers — 2024 Edition: Ranked by 2022 net premiums written.
Best's Rankings: Top 25 US Life/Health Writers — 2024 Edition: Ranked by 2022 direct premiums written.
Best's Rankings: Top 25 US Property/Casualty Companies — 2024 Edition: Ranked by 2022 policyholders’ surplus.
Best's Rankings: Top 25 US Property/Casualty Companies — 2024 Edition: Ranked by 2022 total admitted assets.
Best's Rankings: Top 25 US Property/Casualty Companies — 2024 Edition: Ranked by 2022 gross premiums written.
Best's Rankings: Top 25 US Property/Casualty Writers – 2024 Edition: Ranked by 2022 net premiums written.
Best's Rankings: Top 50 Global Reinsurers – 2024 Edition: Ranked by 2022 unaffiliated gross premiums written.
Best's Rankings: Top US Life Reinsurers – 2024 Edition: Ranked by 2022 group life insurance in force.
Best's Rankings: Top US Life Reinsurers – 2024 Edition: Ranked by 2022 individual life insurance in force.
Best's Rankings: US Property/Casualty – 2022 Direct Premiums Written by Line – 2024 Edition:
Best's Rankings: World’s Largest Insurance Companies – 2024 Edition: Ranked by 2022 net premiums written.
Best's Rankings: World’s Largest Insurance Companies – 2024 Edition: Ranked by 2022 net nonbanking assets.
College Programs: US College Risk Management and Insurance Programs: Nearly 40 U.S. colleges and universities offer programs to prepare students for careers in insurance and risk management.
DUAEs: Delegated Underwriting Authority Enterprises: In the U.S., direct premiums written generated by managing general agents have grown substantially in recent years. The premium amounts sourced through MGAs vary significantly by insurers.
Fiscal Fitness & AM Best: Fiscal Fitness & AM Best: The business of insurance presents special concerns, because of the inverted cycle, in which revenues are received well before claims are incurred and must be paid.
From the Editor’s Desk: Guide to Understanding Debuts as Magazine Edition: This month’s issue presents the Guide to Understanding the Insurance Industry. The 2024 edition includes a new section on delegated underwriting authority enterprises as well as new resource materials.
Global Regulators: Global Insurance Regulators: In the United States, insurance is decentralized and regulated at the state level. Outside the United States, insurance is usually regulated at the national level.
Health: Health: Comprehensive health insurance policies pay benefits for insureds for preventative care and when they become ill or injured. Managed care is the most common form of coverage. In managed care, insurance companies establish fee agreements with doctors and hospitals who provide health care services.
Industry Conferences: Industry Conferences: Some of the global insurance industry’s biggest annual conferences include Riskworld, Les Rendez-Vous de Septembre and InsureTech Connect.
Industry Overview: Industry Overview: Insurance takes advantage of concepts known as risk pooling and the law of large numbers. Many policyholders pay a relatively small amount in premiums to protect themselves against a possible larger loss.
Insurance Publishers: Global Insurance Publishers: More than 50 publications report on insurance news from around the world.
Life & Annuity: Life & Annuity: The main purpose of life insurance is to cover the risk of dying too early or, in the case of annuities, the risks that may come with living longer than expected.
Podcasts: Insurance-Focused Podcasts: A selection of podcasts offers insights into the insurance industry.
Property/Casualty: Property/Casualty: Property insurance covers damages or loss of property. As a result, rates can be significantly higher in areas susceptible to perils such as hurricanes. Casualty insurance covers indemnity losses and legal expenses from losses such as bodily injury or damage that the policyholder may cause to others.
Reinsurance/Alternative Risk Transfer: Reinsurance/Alternative Risk Transfer: Reinsurance indemnifies the primary insurer against potential losses. The primary insurer, or ceding company, transfers a portion of risk to the reinsurer. How much risk and what conditions trigger the reinsurance are specified in the treaties. Generally, the primary carrier retains a fair amount of the risk.
Spotlight: AI and Insurance: Institutes: AI’s Predictive Powers Can Personalize Insurance: Peter Miller, CEO and president of The Institutes, says artificial intelligence’s power can transform underwriting and the insurance workplace, but AI needs transparency to avoid poor outcomes.
Spotlight: Cyberrisk: Linux Foundation: Insurers Should Take the Lead in Targeting Cyberrisk: Linux Foundation Chief AI Strategist Brian Behlendorf says hackers are uncovering new vulnerabilities to target global trade.
Spotlight: Health and Athletes: Rise in Injuries Highlights Athletes’ Insurance Needs, Attorney Says: Professional sports teams need to balance risks tied to payments under guaranteed contracts, said Richard Giller, partner and chair of the insurance recovery and counseling practice group at Greenspoon Marder LLP.
Spotlight: Life & Annuity: Heightened Life Insurance Demand Shaped by Pandemic, LIMRA Says: Alison Salka, head of LIMRA research, says one-third of people became more interested in buying life insurance because of the COVID-19 outbreak.
Spotlight: MGAs: BMS Re: Collateralized Market, Capacity Create Opportunities for MGAs: Flexibility with rates seen as a driving factor for ties between reinsurers and MGAs, company executives say.
Spotlight: Regulation: North Dakota Commissioner: AI To Evolve in Underwriting While Targeting Bias: Jon Godfread says artificial intelligence can transform the industry, reaching deep into risk assessment and claims processing.
Trade Associations: Insurance Trade Associations: A number of organizations are responsible for ensuring best practices in the industry and advocating for insurers on a local and global scale.