Guide to Understanding the Insurance Industry
College Programs: US College Risk Management and Insurance Programs: More than 50 U.S. colleges and universities offer programs to prepare students for careers in insurance and risk management. Gamma Iota Sigma, an international professional fraternity to promote careers in insurance, risk management and actuarial science, has chapters at more than 100 colleges and universities throughout North America.
DUAEs: Delegated Underwriting Authority Enterprises: DUAEs comprise entities such as managing general agents, cover holders, program administrators, program underwriters, underwriting agencies and appointed representatives.
DUAEs: US P/C Industry: Top 20 Insurers Generating Direct Premiums Written Via MGAs – 2025 Edition: Ranked by 2023 direct premiums written.
DUAEs: US P/C Industry: Top 20 MGAs — 2025 Edition: Ranked by 2023 direct premiums written.
Fiscal Fitness & AM Best: Fiscal Fitness & AM Best: Insurance is priced and sold based on an estimate of future costs to be incurred. These estimates can be wrong for any number of reasons.
From the Editor’s Desk: Best’s Review Presents Updated Guide to Understanding: The 2025 edition of the Guide to Understanding the Insurance Industry provides readers with a comprehensive overview of industry sectors. This issue includes AM Best’s 2025 ranking of the world’s largest insurers.
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 for health care services.
Industry Conferences: Industry Conferences: Some of the global insurance industry’s notable gatherings include Riskworld, Les Rendez-Vous de Septembre and ITC Vegas.
Industry Overview: Industry Overview: Insurance companies primarily make money in two ways: from investments and by generating an underwriting profit—that is, collecting premiums that exceed insured losses and related expenses.
Industry Overview: Top 25 US Holding Companies – 2025 Edition: Ranked by 2023 total assets and by 2023 total revenue.
Industry Overview: Top Global Brokers — 2025 Edition: Ranked by 2023 total revenue.
Industry Overview: World’s Largest Insurance Companies – 2025 Edition: Ranked by 2023 net nonbanking assets and by 2023 net premiums written.
Life & Annuity: Life & Annuity: The main purpose of life insurance is to provide families with protection against the risk of death or, in the case of annuities, the risks that may come with living longer than expected.
Life & Annuity: Top 25 US Life/Health Insurers — 2025 Edition: Ranked by 2023 total admitted assets.
Life & Annuity: Top 25 US Life/Health Writers — 2025 Edition: Ranked by 2023 capital and surplus.
Life & Annuity: Top 25 US Life/Health Writers — 2025 Edition: Ranked by 2023 net premiums written.
Life & Annuity: Top 25 US Life/Health Writers — 2025 Edition: Ranked by 2023 direct premiums written.
Life & Annuity: Top US Life Reinsurers – 2025 Edition: Ranked by 2023 individual life insurance in force and by 2023 group life insurance in force.
Preferred Podcasters: Insurance-Focused Podcasts: A selection of podcasts offers insights into the insurance industry.
Preferred Publishers: Global Insurance Publishers: Online and print publications report on insurance news from around the world.
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.
Property/Casualty: Top 25 US Property/Casualty Companies — 2025 Edition: Ranked by 2023 policyholders’ surplus.
Property/Casualty: Top 25 US Property/Casualty Companies — 2025 Edition: Ranked by 2023 total admitted assets.
Property/Casualty: Top 25 US Property/Casualty Companies — 2025 Edition: Ranked by 2023 gross premiums written.
Property/Casualty: Top 25 US Property/Casualty Writers – 2025 Edition: Ranked by 2023 net premiums written.
Property/Casualty: US Property/Casualty – 2023 Direct Premiums Written by Line – 2025 Edition:
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.
Reinsurance/Alternative Risk Transfer: Top Global Reinsurance Groups – 2025 Edition: Non-IFRS 17 companies ranked by 2023 gross premiums written. IFRS 17 companies ranked by 2023 revenue.
Spotlight: Artificial Intelligence: AM Best: This Time, It’s Different for AI in Insurance in Tech Upswing: Technology undergoes various hype and adoption cycles. The sophistication of AI combined with growing computer power is expected to be more transformative as AI technology becomes cheaper to use, particularly for less complex business lines, AM Best Director Edin Imsirovic says.
Spotlight: Commercial Auto: AM Best: Social Inflation, Driver Shortage, Inexperience Compound Commercial Auto Difficulties: Analysts who spoke with AM Best TV referenced a recent report that says distracted driving and other issues have had an adverse impact on the commercial automobile insurance industry, citing the frequency and severity of accidents involving commercial vehicles.
Spotlight: Cyberrisk: Cyber Panel Warns of Longer-Tail Business Interruption Risks Claims: New risks are shaping the future of the cyber insurance market, according to a panel gathered by AM Best TV at the recent WSIA Annual Marketplace in San Diego.
Spotlight: DUAEs: Private Equity Seeks Liquidity, Growth From DUAE Investments: Private investors aim to consolidate a segment known for high margins and steady cash flow, investors and analysts say.
Spotlight: Health Reinsurance: AM Best: Changing Trends Continue To Push Demand for Health Reinsurance: Growing costs and medical care utilization are driving more risk to health reinsurers, AM Best Director Doniella Pliss says.
Spotlight: Nuclear Verdicts: AM Best: Insurers Face Post-Pandemic Surge in US Nuclear Verdicts: Jurors continue to be more sympathetic toward claimants in the U.S. In Europe, however, that’s not the case, two AM Best analysts recently told AM Best TV.
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.