In Pursuit of Innovation

For many insurers, innovation moves from 'nice to have' to core competency.

AM Best TV & Audio: Older Americans Not Ready for Financial Challenges of Aging, According to New York Life Executive: Also, professionals discuss the global retirement savings gap and examine fortified roof initiatives in Alabama and Louisiana.

AM Best Webinars & Briefings: Panelists Discuss Proposed Changes to AM Best’s Criteria Procedure ‘Alternative Risk Transfer (ART)’: Professionals also examine AM Best’s ratings process for insurance-related asset-backed securities transactions and explore 2025 industry outlooks.

Artificial Intelligence: Leading AI Platforms Delve Into Insurance Industry Innovations Across Product Lines: Artificial intelligence models offer examples of how tech is reshaping the business of insurance.

At Large: ‘Build vs. Buy’ in the Digital Age: Most insurers use a combination of buying and building a technological foundation to improve efficiency, recoup their investment and manage the total cost of ownership.

Best’s Rankings: Largest MENA Insurers – 2025 Edition: Ranked by 2023 gross premiums written.

Best’s Rankings: Largest Surety Insurers – 2025 Edition: Ranked by 2023 direct premiums written.

Bookstore: Uncovered: How Crises, Coverage Gaps Shaped the US Insurance Landscape: Katherine Hempstead explores the evolution of the U.S. insurance industry from the 1870s through the 20th century, highlighting the tension along the way.

Executive Changes: Prudential Financial Names International Executive as Next CEO, Fills New Global Head of Insurance and Retirement Post: Arch Capital Group names successor to retiring chief executive officer, Hannover Re appoints CEO and AIG taps permanent chief risk officer.

From the Editor’s Desk: An Innovation Snapshot: Best’s Review explores insurance industry innovation, including initiatives at Hartford Steam Boiler Group, American Family Life Insurance and Sentry Insurance Group. This issue also includes rankings of the largest surety insurers and the largest insurers based in the Middle East/North Africa.

Innovation: Insurers Discover Value in Innovation Culture: AM Best’s Scoring and Assessing Innovation criteria measures innovation as part of its overall ratings methodology as staying ahead of the game becomes more necessary than ever for insurers. The assessments have shown there is opportunity in innovation.

Innovation: AI and Jobs: Tech Panel: AI Will Displace Jobs but Also Create Opportunities for Upskilling: Insurers are anticipating how the industry will apply artificial intelligence and its impact on the workforce, a panel at the WSIA Annual Marketplace in San Diego told AM Best TV.

Innovation: Hubs: Innovation Hubs Attract Interest, Support From Insurance Companies: Pooling talent, investment, real estate and technology with a dash of entrepreneurial drive aims to spark digital transformation in businesses. Prudential, AIG and Howden are the latest companies supporting these ventures to give themselves a competitive edge.

Innovation: Labs: Lloyd’s Chief Commercial Officer: Accelerator Nurturing More Than 100 New Insurance Startups: Lloyd’s Lab has raised $1 billion of capital for those companies, said Dawn Miller, chief commercial officer, Lloyd’s, and chief executive officer of Lloyd’s Americas.

Insurance Industry Research: LIMRA: Life Insurers Focus on Growth as Industry Faces Distribution Challenges: Bryan Hodgens, LIMRA’s senior vice president and head of research, spoke with AM Best Audio in a recent podcast about life insurance coverage.

Insurance Leaders: Changes at the Top: Industry Leaders Announce Retirement Plans in 2024: Executives at Prudential Financial, Manulife, Arch Capital, Northwestern Mutual and State Farm, among others, said they intended to step down.

Insurance Leaders: In Memoriam: Insurance Industry Leaders of 2024: UnitedHealthcare CEO Brian Thompson and former Arch Capital Chairman and CEO Constantine “Dinos” Iordanou were among the industry executives who died last year.

Insurance Professional Resources: As Artificial Intelligence Regulation Expands, Awareness Is Key: Panelists including insurance defense counsel and an expert witness recently discussed with AM Best TV emerging risks, defense strategies and evolving precedents for AI-related litigation.

Life Insurance: Weekly Lunches and No Silos: A Life Insurance Chief Executive’s Hands-On Philosophy: John Barrett, chairman, president and chief executive officer, Western & Southern Financial Group, looks back at his 37-year tenure during which a regional insurance company transformed into a diversified financial services enterprise.

MENA Insurers: Trust Re CEO: Regional Insurers Should Resist Foreign Expansion, Focus on Local Opportunities: There are plenty of services that regional reinsurers are unable to provide, said Yassir Albaharna, group chief executive officer of Trust Re.

Preferred Podcasters: Podcast Reaches Beyond Typical Industry Research, Digging Into New Insights: The Beyond the Text podcast invites analysts and guests to provide insights on recent publications and emerging industry trends.

Preferred Publishers: Risk & Insurance Reports on Study of Workers’ Compensation Megaclaims: Risk & Insurance, citing a study by multiple workers’ comp rating bureaus, reports that the frequency of high-impact claims has been on a steady, upward trajectory since 2013.

Risk Adviser: Atari 2600 or iPhone? Innovation Can Spring From Unusual Sources: Customer-focused carriers could be innovation drivers, but they need to be careful about what they deliver to solve their clients’ needs. Sometimes, transformative innovations are overlooked, as Apple’s creators found.

State Rate Filings: California Homeowners Multiperil Approved Rate Filings by Overall Effect With Increases of 28% or Greater: Based on an effective date beginning on Jan. 1, 2024, through Dec. 31, 2025.

State Rate Filings: USAA Hiking California Homeowners Rates In Move Prior to 2025 Los Angeles Fires: Overall, rates rose 25.9% for USAA Casualty Insurance Co. homeowners in California in December 2024, but some policyholders could see even bigger hikes, according to Best’s State Rate Filings.

Trending: Best’s News: Top Stories Include Features on Reciprocal Insurers and Managing General Agents: Other popular items include a ranking of the top audit and actuarial firms and a report on pandemic-related excess mortality.

Trending: Best’s Research: Trending Research Includes Reports on A&E Reserves, Surrender Benefits and Life/Annuity Financial Results: Other trending research includes reports on Medicare Advantage and U.S. nonstandard auto insurance.

Underwriting & Loss Control: Product Delivery Is a Key Ingredient in Bakeries’ Recipe for Risk: Best’s Underwriting Reports and Best’s Loss Control Reports provide insights into the risks and lines of coverage for bakeries.

Web Traffic: Web Traffic: Visits to MENA Insurer Sites: The Company for Cooperative Insurance (Tawuniya) leads web analytics provider Semrush's ranking of most-visited MENA insurer sites.

What AM Best Says: Claims Pressures, Inflation Drive US Personal, Commercial Lines : AM Best analysts discussed 2025 outlooks and key factors that will impact the U.S. insurance industry in the coming year as it deals with rising costs across many lines of business and an uptick in consolidation.

Workers’ Compensation: Montana Insurance Commissioner Grants First ‘Sandbox Waiver’ to Workers’ Comp Program: Montana State Fund’s program is granting premium waivers of up to $10,000 for a potentially smoother transition after a premium audit, the state says.