Growing Clout of Independent Agents

In the competition for independent agents, carriers are turning to technology and expanding their communication efforts.

AM Best TV & Audio: Munich Re Climate Scientist: Last Year Sets Mark as Insured Catastrophe Losses Top $140 Billion: Professionals also discuss how cyberthreats highlight digital vulnerabilities and examine the effects of AI on insurers’ risk-assessment frameworks.

AM Best Webinars & Briefings: Panel of Attorneys Explores the Effects of Greater Automation on Claims Litigation: Professionals also examine reinsurance trends and the latest renewal cycle and discuss insurance-related asset-backed securities transactions ratings.

Annuities: Market Watchers: Annuity Surrenders May Continue Their Momentum in 2025: Surrender benefits increased 19% year-over-year through the second quarter of 2024, according to a Best’s Special Report.

Artificial Intelligence: Leading AI Platforms Identify How AI Likely Will Be Used by Independent Agents, Insurers: Artificial intelligence models said both independent agents and insurance companies will benefit from AI. A key challenge will be integrating these AI tools while maintaining the personal relationships that are central to the independent agent model.

Asset Management: Life Insurers’ Investment Complexity, Reliance on Offshore Reinsurers Raise Concerns About Stability: In addition to adopting alternative investment strategies and increasing the use of offshore reinsurers, the U.S. Financial Stability Oversight Council said there has been a shift in the composition of life insurers’ liabilities and an increase of private equity firms and other asset managers in the sector.

Asset Management: Private Capital: Oliver Wyman Partner: Private Capital, Asset Management Reshape Life Insurance Sector: Mick Moloney, who spoke with AM Best TV at the Global Insurance Forum in Miami, cited the growing influence of private capital and the evolution of asset management-led insurance models.

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

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

Bookstore: Crum & Forster at 200: New Book Salutes a Legacy of Innovation and Leadership: CEO Marc Adee chronicles the company’s two centuries of history, from insuring New York City buildings to delivering diverse risk solutions.

Captives: AM Best Reviews Potential Changes to Ratings Criteria Methodology for Fast-Growing Captives Categories: Potential revisions to Alternative Risk Transfer criteria may affect assessments of captives, risk retention groups, self-insurance funds and cell companies.

Captives: Largest Published, Rated Single-Parent Captive Insurers – 2025 Edition: Ranked by 2023 gross premiums written.

Cell Captives: Lower-Cost Cell Captives Emerge as Groups’ Risk Management Program : Cell captives are a growing avenue for organizations looking to protect themselves against risk. Their flexibility and low capital needs are seen as attractive features for companies that do not want to set up a traditional single-parent captive.

Corporate Changes: Mergers, Acquisitions, State Actions and Name, Ownership and Domiciliary Changes: Bestow Life, Gillford Mutual and National Heritage Insurance are among the North American life/health and property/casualty insurers that have experienced a corporate change.

Emerging Leaders: Data and Analytics: AM Best: Data and Analytics Are Key to Insurance Industry’s Advancement: Insurance organizations, however, are treading carefully in terms of using generative artificial intelligence in their underwriting, Stefan Holzberger, executive vice president and chief operating officer, AM Best Rating Services, told AM Best TV at the recent Emerging Leaders Conference.

Emerging Leaders: Technology: Emerging Leaders Panel: Tech Is the Great Equalizer in Insurance Industry: Insurance experts and technologists interviewed by AM Best TV at the recent Emerging Leaders Conference in Tampa, Florida, said human expertise and judgment would remain crucial differentiators in an increasingly automated landscape.

Executive Changes: Lloyd’s Chief Executive Officer Announces Plans To Join Aon as Global CEO of Reinsurance, Global Climate Solutions Chairman: USAA, Everest Group and Tokio Marine appoint new CEOs, AIG names global chief underwriting officer and Hartford Financial taps new president.

From the Editor’s Desk: Independent Action: Best’s Review examines how carriers have been seeking to strengthen relationships with independent agents. The March issue also includes rankings of the largest India insurers, the largest crop insurers and the largest published, rated single-parent captive insurers.

Independent Agents: Technology, Communication Are Front and Center as Insurers Vie for Independent Agents’ Business: As the independent agent market grows, insurers are solidifying their relationships through several strategies.

India Insurers: AM Best: Outlook Remains Stable for India Non-Life Insurance Segment: Premium growth and economic development have bolstered the segment, according to AM Best’s Market Segment Outlook: India Non-Life Insurance. Despite strong premium growth, India’s non-life segment continued to generate underwriting losses in fiscal year 2024.

India Insurers: Largest India Insurers - 2025 Edition: Ranked by 2023 gross premium written.

Inland Marine: AM Best: Pet Insurance Evolving as Inland Marine Niche Business Post-Pandemic: Following the recent release of the Best’s Market Segment Report Mixed Early Pet Insurance Results but Inland Marine Remains Strong, AM Best discussed the pet, travel and inland marine insurance markets.

Insurance Industry Research: Participants See London Market Future in Enhanced Underwriting: The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal?, a report put together with consultancy Oxbow Partners, assesses enhanced underwriting in the Lloyd’s market through the viewpoints from market participants representing 77% of Lloyd’s 2023 gross written premiums.

Insurance Marketing: What Insurance Marketers Should Know About Insurance Data: The relationship between marketing and data—and how to effectively use insurance data in future marketing strategies—was the focus of a recent Marketing Leader Lunch webinar hosted by the Insurance Marketing & Communications Association and AM Best.

Insurance Professional Resources: Fresno County Superior Court: California FAIR Plan Must Share Claims Documents With Policyholders: A judge in California has ruled that the FAIR Plan must provide claims investigation documents, including those used and produced by third-party claims appraisers.

Issues & Answers: Specialty Coverage: An insurance industry leader says the home health care sector is poised for growth despite facing staffing and training challenges.

Preferred Podcasters: Insurance Coffee House Podcast Is a Place To Share a Cup of Wisdom: Hosted by Nick Hoadley, CEO of Insurance Search, the conversational interview program features leaders in the insurance and insurtech sectors who share practical management tips.

Preferred Publishers: StrategicRisk’s Special Report Focuses on Sector’s Talent, Innovation and Growth: A global survey of risk managers found that businesses were concerned about reduced innovation, StrategicRisk magazine said in a report. Best’s Review recapped industry news coverage.

Risk Adviser: Navigating the Changing Homeowners Insurance Market: Dynamic market conditions in recent years have caused carriers to adjust their approach to the homeowners line and created new opportunities for agents to offer valued counsel to their customers along the way.

State Rate Filings: Lemonade Insurance Pursues 43.8% Homeowners Rate Hike in New Jersey: The insurer is seeking the rate increase through an application filed with the New Jersey Department of Banking and Insurance, citing changing market costs.

State Rate Filings: New Jersey Homeowners Multiperil Approved Rate Filings by Overall Effect With Increases of 21.7% or Greater: Based on an effective date beginning on Jan. 1, 2024, through Dec. 31, 2025.

Trending: Best’s News: Top Features for Best’s Review Include Rankings of Audit and Actuarial Firms and Global Brokers: Other popular items include a feature on insolvencies and sections from the Guide to Understanding the Insurance Industry.

Trending: Best’s Research: Trending Research Includes Reports on China’s New Energy Vehicles and California Wildfires: Other trending research includes reports on third-quarter 2024 P/C underwriting results and borrowing from the Federal Home Loan Bank.

Underwriting & Loss Control: Catastrophic Events Highlight Hotels’ Insurance Risks: Best’s Underwriting Reports and Best’s Loss Control Reports provide insights into the risks and lines of coverage for hotels, motels and conference centers.

Web Traffic: Visits to India Insurer Sites: Life Ins. Corp. of India leads web analytics provider Semrush's ranking of most-visited India insurer sites.

What AM Best Says: Jan. 1 Renewals Show Moderating Trend Despite Catastrophes: During AM Best’s Briefing: Reinsurance — Jan. 1 Renewals and What To Expect in 2025, industry participants discussed significant trends in property/casualty reinsurance and the impact of major events, such as the recent California wildfires.