Published: March 2024
AM Best TV & Audio: Insurers: ‘Manage,’ Not ‘Mitigate,’ Is the Watchword When Dealing With Critical Infrastructure Failures: Also, professionals discuss the economy and its expected impact in 2024 and explore how environmental liability has changed in recent years.
AM Best Webinars: Webinar Panelists Explore Reasons for Legal System Abuse and Discuss Countermeasures for Insurers: Professionals also examine how the insurance industry deals with increasing uncertainty in 2024 and talk about marketing strategies and challenges.
AM Best’s Media Program – Publisher: In Other News ...: A roundup of news from publishers around the globe. Access to some sites may require registration or subscription.
Asset Management: AM Best: Private Equity, Investment Managers Continue To Seek Returns by Entering Life and Annuity Segment: Today’s model incorporates different variations of ownership in the life and annuity market while private-equity firms seek consistent cash flows from the sector, according to AM Best analysts.
At Large: Insurers Are Ready To Provide a New Level of Protection: Data and advanced analytics can help insurers and insureds reduce the risk of accidents. Cheaper data storage and the proliferation of connected devices will make it easier.
Best's Rankings: Largest Multiperil Crop Insurers – 2024 Edition: Ranked by 2022 direct premiums written.
Best's Rankings: Largest Private Crop Insurers – 2024 Edition: Ranked by 2022 direct premiums written.
Best's Rankings: Top 20 P/C Managing General Agents — 2024 Edition: Ranked by 2022 direct premiums written.
Best’s Rankings: Largest India Insurers – 2024 Edition: Ranked by 2022 gross premiums written.
Book Store: Author: Identifying a Niche, Mentors Are Building Blocks for Creating a Profitable Agency: In his book, Gaspar Insurance Services CEO Tim Gaspar chronicles his journey into insurance.
Corporate Changes: Mergers, Acquisitions, State Actions and Name and Ownership Changes: Universal Care, Grove Mutual and Wisconsin Reinsurance Corp. are among the U.S. life/health and property/casualty insurers that have experienced a corporate change.
Crop Insurers: US Senators Propose Index-Based Crop Insurance for Small Farms: The program would make payments within 30 days in the event of indices exceeding any of the predetermined county-level thresholds for events such as high winds, excessive rain and flooding, extreme heat, abnormal freeze conditions, hail, wildfires, drought and other perils.
DUAEs: Private Equity Pouring Into DUAE Market as Investors Seek Liquidity, Growth: DUAEs offer the chance to participate in high-margin businesses that are easier to buy and sell and have made significant investments in technology, investors and analysts say.
DUAEs: MGA Lab: InsurTech NY’s MGA Lab Helps Startups Become Fully Operational Digital MGAs: The organization’s co-founders say they have identified a growing need for digital MGAs.
DUAEs: Rokstone Group: Rokstone Execs: Growth Momentum Comes as Market Shifts to MGA Model: Rokstone has strong growth targets over the next five years and is roughly tripling its gross premiums, a company executive said.
DUAEs: Roundup: Ryan Specialty Forms Financial Lines and Renewables MGUs, Makes Acquisition: DUAE news roundup: Travelers closes on its cyber MGU acquisition and Canadian MGA First Acre Insurance launches with streamlined crop cover.
Executive Changes: Allianz Chooses Central Europe CEO To Lead Allianz Global Corporate & Specialty SE, Allianz Commercial: Zurich taps group CFO, Markel Group names chief financial officer and Marsh hires U.S. chief growth officer.
From the Editor’s Desk: Investors Take Notice of Delegated Underwriting Authority Enterprises; AI Platforms Give Surprising Responses: This month’s issue looks at investment in DUAEs and a new digital MGA lab. It also includes rankings of the largest crop insurers and India insurers. Best’s Review also asked various AI platforms to identify the 10 most influential people in the insurance industry. The results were unexpected.
India Insurers: International Insurers Seize Opportunities To Expand in India: The government increased the cap on foreign direct investment in an insurance company from 49% to 74%. Several international insurance groups, as a result, have grabbed the chance to increase their exposure to India’s insurance market, according to an AM Best report.
Industry Updates: Lloyd’s Unveils $100 Million London Bridge 2 Catastrophe Bond Sponsored by Beazley: The cat bond notes are due in April 2027 and the risk period for the reinsurance cover is three years and three months, but the notes can be extended under certain circumstances, according to Lloyd’s.
Insurance Media: Hagerty Media Shifts Into High Gear With New Car-Themed Samsung TV Channel: Hagerty, a specialty car insurance provider that also considers itself an “automotive enthusiast” brand, turned to digital media to “serve our audiences with great storytelling, news and editorial,” said Paul Rehrig, president of Hagerty media, marketing and membership.
Insurance Professional Resources: Webinar Panelists: Organization, Candor Key Elements of Managing the Spectrum of Construction Defect Costs: Understanding claims from a cost driver point of view and containing scope of work can aid in managing construction defect insurance costs.
Issues & Answers: ISSUES & ANSWERS: Excess and Surplus Lines: Insurers discuss how artificial intelligence and data-driven analytics are impacting the sector in various ways.
Life Insurance: AM Best: US Individual Life Payout Ratios Decline: Renewal premiums continue to dominate the individual life premiums in the U.S., but the affordability of life insurance may be an issue due to inflation and other economic factors, according to a recent Best’s Special Report.
Life Insurance: CEO Interview: New TruStage CEO Seeks Novel Ways of Reaching End Customer: Terrance Williams says the company’s approach will be to offer products to fill a need as customers are entering different stages of their lives.
Risk Adviser: Defusing the Pension Time Bomb: Lessons From Pension Risk Transfer: Converting assets into an annuity can help retirees transfer the risk of living longer than expected to an insurer as public pension programs face challenges.
State Rate Filings: Commercial General Liability Approved Rate Filings by Overall Effect With Increases Greater Than 90%: Based on an effective date beginning Feb. 1, 2023, through Feb. 1, 2024.
State Rate Filings: W.R. Berkley CEO: Late-to-the-Party Carriers Start Recognizing Surging Casualty Loss Trends: The potential for higher rates on admitted and nonadmitted business in the high net worth space is also creating meaningful openings, said Rob Berkley.
Surety Insurers: AM Best: Surety Growth, Profitability Bolstered by Public Works Projects: There is ample capacity in the market due to strong profitability. Existing surety writers are looking to expand coverages and grow their books, according to AM Best analysts.
The Last Word: In an Attempt To Fulfill a Simple Request, AI Demonstrates That It’s Not the Final Word on Insurance: When different artificial intelligence chat platforms were asked to name the 10 “most influential people in the insurance industry,” the results were eye-opening. Be wary: AI can “hallucinate,” one executive said.
Trending: Best’s News: Ranking of Top Audit and Actuarial Firms Highlights List of Trending Best’s Review Features: Other popular items include sections from the Guide to Understanding the Insurance Industry and coverage of insurance leaders who passed away in 2023.
Trending: Best’s Research: Trending Research Includes Special Reports on Personal Lines Results and Annuity Surrenders: Other trending research includes commentaries on IFRS 17 and opportunities in India.
Underwriting & Loss Control: Construction Site Work Presents Dangers for Carpentry Contractors: Best’s Underwriting & Loss Control Resources provides insight into the lines of coverage for carpentry contractors at job sites.
What AM Best Says: Frequently Asked Questions: IFRS 17: The standard is intended to provide more uniformity to insurance accounting and improve disclosure and transparency, according to a recent AM Best report.