< PreviousWhat AM Best Says 58BEST’S REVIEW • DECEMBER 2022 1.0% in 2023 according to the IMF. But even these projections might be somewhat optimistic given the current environment that we’re in. If you look at the monetary tightening that the Fed has been doing—they increased the Fed funds rate by 275 basis points in total this year, which brings the current rate from 3% to 3.25%. And this still hasn’t brought down inflation. How does that impact the insurance industry? Manyem: You’ll see that the effect on the underwriting is that it’s going to bleed into the price. So you’re going to see the hardening prices, the hardening market that we’re seeing will extend into 2023. The pace of change will depend on the volume and type of risks that are being insured. We are seeing some moderation. Blades: We’re seeing lines hardening and we’ll continue to see that, but it will be tempered to some extent. The economically sensitive lines of business are going to be the commercial lines—you’re still going to see some of those impacts and that will extend to commercial auto, general liability and workers’ comp. So much happens with catastrophe and social inflation, which seems to ride on the back of the general inflation. Insurers have to deal with claims inflation, which is rising at a pace that’s faster than the economic inflation, and the insurance industry has to deal with losses that could lead to insolvencies and companies pulling out of states. Modica: Generally, inflation is going to continue to be a concern over the medium term. The Fed is projecting that inflation will not return to its target of 2% until 2025. So over the medium term we can expect higher inflation and by higher, I mean above the Fed’s target of 2%. It’s kind of hard to believe: Not that long ago, the Fed was concerned about low inflation. But the concerning part of the most recent inflation release was that core inflation has continued to increase, with higher prices driven by housing and medical care services, which is always a concern because these types of inflations tend to be sticky. It’s not like energy costs, which are very volatile. “The economically sensitive lines of business are going to be the commercial lines—you’re still going to see some of those impacts and that will extend to commercial auto, general liability and workers’ comp.” David Blades AM Best “Generally, inflation is going to continue to be a concern over the medium term. The Fed is projecting that inflation will not return to its target of 2% until 2025.” Ann Modica AM Best59BEST’S REVIEW • DECEMBER 2022 You also have the regulatory roadblocks that are typically thrown up, especially California. Doesn’t that also potentially cause a lag in rates? Blades: There’s somewhat of a limiting impact from the regulatory standpoint in terms of the companies being able to take action quickly because they have to get the rate. In some cases, they have to file them and get them approved, etc. Some of that business can be really acutely in need of those very increases. Do you see less or more exposure growth and not just because of Hurricane Ian? Manyem: If you’re looking at sector by sector, there’s going to be a nominal exposure growth due to inflation because of increasing auto parts and labor costs and all the labor shortage that we’re seeing and the rebuilding that has to be done with Ian and Fiona. So that’s definitely going to contribute to increased risks in terms of housing and auto on the personal lines side. On the commercial side … most of the premium growth is going to come from price increases as you are seeing because of the impact of social inflation, the impact of economic inflation. We expect real exposure growth may be anemic because of pressures on the economy. With all these rate increases and risks being hard to place we are seeing more shifts into the surplus lines and nonadmitted markets as well. Blades: There are a lot of potential headwinds, but there’s also some stability. We have some tailwinds competing with the headwinds because over the last few years we’ve definitely seen general liability underwriters pushing rate increases and achieving these rate increases. Will the industry have very large unrealized capital losses going into 2023? Manyem: I believe that you’re going to see increased unrealized losses on companies’ balance sheets compared to previous years. The magnitude of unrealized losses will depend on the duration and maturity profile of specific companies. P/C insurers with shorter durations may expect to see some benefit from reinvestment in this increasing interest rate environment. The key thing is how much longer this is going to continue and the effect on credit. I think that’s a relative unknown. Modica: We have seen credit spreads widened for the various asset classes. So that could definitely put pressure on some companies depending on what they’ve invested. So insurers need to do whatever they need to do, and usually it means raising premiums to keep themselves profitable, even solvent, in the face of political resistance. Is that fair to say? Manyem: One of the key characteristics of insurance is also affordable premiums. For a line like flood insurance, if the actuarially calculated premiums become unaffordable because of high risks, economic issues etc., then it begs a bigger question of affordability. It’s a social problem that’s going to be a challenge over the next few years as construction in high flood-prone/wildfire-prone/ hurricane-prone areas have caused population density in these high-risk areas, and how society— the economy, government, insurers—deal with the challenge of protecting these areas. BR “If you’re looking at sector by sector, there’s going to be a nominal exposure growth due to inflation because of increasing auto parts and labor costs and all the labor shortage that we’re seeing and the rebuilding that has to be done with Ian and Fiona.” Sridhar Manyem AM Best60BEST’S REVIEW • DECEMBER 2022 Underwriting & Loss Control No Kidding: Goat Yoga Presents a Whole New World of Liabilities Best’s Underwriting Reports and Best’s Loss Control Reports provide insights into the lines of coverage, exposures and loss control associated with yoga and its specialties, which include practicing in the presence of goats. This fall, an entertainer from Nashville filed—and then dropped—four separate lawsuits against comedian Kevin Hart, media personality Khloé Kardashian, actress Sophie Turner and singer Maren Morris over their participation in goat yoga. For those unfamiliar with the trend, goat yoga is exactly what its name implies: performing yoga in the company of goats. The concept was conceived on an Oregon farm in 2016, and the activity has steadily gained in popularity since 2017, according to Best’s Underwriting & Loss Control Resources. It is now offered throughout the United States and in parts of Canada, and even has migrated to Australia and a few locations in Europe. Baby goat yoga and yoga using Nigerian Dwarf goats are common versions. According to celebrity news website RadarOnline. com, country singer Chezney McGoat claimed the celebrities caused him emotional distress after they used the goats as entertainment. The complaints, dropped just days after they were filed in Cheatham County, Tennessee, sought $5,000 from each defendant. While emotional distress is not listed as an insurance liability by Best’s Underwriting & Loss Control Resources, there are certainly hazards that go along with an activity in which goats actively climb onto the backs of humans practicing yoga. There are more common issues yoga studios face, though. Best’s Underwriting Reports has identified eight lines of coverage for yoga studios and has ranked the risk exposure associated with the challenges they face. Those lines are Automobile Liability; General Liability: Premises and Operations; Professional Liability; Workers’ Compensation; Crime; Property; Business Interruption; and Inland Marine. Best’s Hazard Index ranks the risk of exposure for the Lines of Business as Low (1-3), Medium (4-6), and High (7-9). Following are excerpts from the Lines of Coverage reports that have the highest hazard index rankings. Lines of Coverage Workers’ Compensation Exposures: Slips, trips, and falls. Back, knee, neck, and wrist injuries. Dehydration. Heat cramps. Heat exhaustion. Electrical shocks. For workers who spend many hours on computers, eye fatigue and repetitive motion injuries (RMIs), such as carpal tunnel syndrome. General Liability: Premises and Operations Exposures: Slips, trips, and falls. Electrical shocks. Burns from portable heaters. Injuries to students. There may be additional exposures if the insured’s yoga business conducts classes or personalized instruction off the premises. Offering certain types of yoga also may result in additional exposures. Professional Liability Exposures: Student injuries due to improper instruction. Dehydration. Heat cramps. Heat exhaustion. Students attempting poses that are beyond their capabilities can result in injuries. Improperly adjusting a student’s position (i.e., repositioning the arms, legs, hips) that results in injury to the student. Sexual misconduct charges arising from adjusting a student who does not want to be touched. Injuries due to a lack of pre-screening students for medical conditions. Property Exposures: Ignition sources include faulty wiring, malfunctioning electrical equipment, kitchen equipment (if used), and possibly smoking (although on-site Best’s Hazard Index Line of CoverageBest’s Hazard Index Workers’ Compensation5 General Liability: Premises and Operations4 Professional Liability4 Property4 Business Interruption461BEST’S REVIEW • DECEMBER 2022 smoking will be unusual). Fire load consists of yoga merchandise (e.g., mats, towels, yoga benches, apparel), office furniture and equipment, paper, and trash. Computers used on the premises will also be covered under this line. Heating equipment could be a source of ignition in hot yoga studios. If the insured owns a valuable audio sound system or audio-visual equipment, that property may be covered here. Business Interruption Exposures: Dependent on location. Most would relocate to another site in the area with relatively little difficulty, except for “hot” yoga studios, which would require customization and, therefore, would be more likely to repair or rebuild. Peak season. Loss Control Items to Investigate: •Goats used during yoga pre-screened for gentleness and a willingness to interact closely with humans. •Does the insured require prospective participants in goat yoga to first sign waivers recognizing the hazards of close proximity with live farm animals? •Waivers for goat yoga note that live animals have been known to nibble at, or jump on, yoga students without warning. •Do yoga instructors that transport goats for yoga classes at off-site locations first obtain permission, and any required permits, to bring the goats onto these off-site premises? On-Site Inspection: •What is the layout of the premises? •What is the condition of the insured’s floors and floor coverings? •Are “Employees Only” signs posted at entrances to all areas from which visitors are restricted? •Are hazards posed by any adjacent buildings? •Does the insured sell retail items (e.g. yoga mats, towels, and possibly apparel) in a retail area on the premises? BR —Anthony Bellano BRING UNSEEN RISKS TO THE SURFACE Expand your knowledge of the businesses and industries you are evaluating with Best’s Underwriting Reports and Best’s Loss Control Reports . Written from an underwriter’s and loss control professional’s perspective, these detailed, yet concise reports include the information you need to efficiently assess risk and exposures. 21.BUG007FA Our Insight, Your Advantage ™ Learn more: sales@ambest.com 333Ȑ ) !/0Ȑ +)ˏȼˏȬȏȅȎȭˏȊȈȏȥȇȇȅȅ For more on this and other risk classifications, visit Best’s Underwriting & Loss Control Resources.State Rate Filings 62BEST’S REVIEW • DECEMBER 2022 Best’s Rankings Commercial Inland Marine Filings by Rate Impact Greater Than 10% Commercial inland marine insurers made more than 30 filings for rate increases of greater than 10% with a disposition date from Jan. 1 to Oct. 1, 2022. For additional coverage of the commercial inland marine market, see page 48. Company / GroupAMB# Overall % Rate ImpactState Disposition Date Effective DateFiling Status Triton Ins Co00329875.00%CA9/26/20229/26/2022Approved Nationwide Group00598769.50%OR3/10/202210/1/2022Approved Nationwide Agribusiness Ins Co003539 Nationwide Group00598749.90%VA1/21/202210/1/2022Approved Nationwide Mutual Ins Co002358 Berkshire Hathaway Ins00081146.00%MT1/12/20221/1/2022Approved Central States Indemnity Co. of Omaha002660 Berkshire Hathaway Ins00081139.80%MO9/8/202210/1/2022Approved Central States Indemnity Co. of Omaha002660 Great Amer P & C Ins Group00483538.80%GA3/14/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%OH3/31/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%NC3/14/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%IA3/9/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%ID7/13/20228/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%NE3/23/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%UT3/10/20226/1/2022Approved Mid-Continent Cas Co00060663BEST’S REVIEW • DECEMBER 2022 Company / GroupAMB# Overall % Rate ImpactState Disposition Date Effective DateFiling Status Great Amer P & C Ins Group00483538.80%VT4/5/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%SD3/8/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%MI3/31/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%LA4/25/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%MO4/12/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%ND3/28/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%CT3/9/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%DE3/25/20226/1/2022Approved Mid-Continent Cas Co000606 Great Amer P & C Ins Group00483538.80%MT3/7/20226/1/2022Approved Mid-Continent Cas Co000606 Nationwide Group00598718.70%CO7/7/20227/1/2022Approved Nationwide Agribusiness Ins Co003539 Nationwide Mutual Ins Co002358 Nationwide Group00598717.60%PA3/30/202210/1/2022Approved Nationwide Mutual Ins Co002358 Liberty Mutual Ins Cos00006014.70%CO2/23/20224/1/2021Approved OH Cas Ins Co002378 RLI Group00388314.50%MT5/6/202211/1/2022Approved Contractors Bonding & Ins Co002719 RLI Group00388313.20%ID5/18/20229/1/2022Approved Contractors Bonding & Ins Co002719 Global Indemnity Group01866912.40%DC5/3/20221/1/2022Approved Amer Reliable Ins Co000150 Liberty Mutual Ins Cos00006011.90%CO2/23/20224/1/2021Approved West Amer Ins Co011354 Jewelers Mutual Ins Group01890511.30%CO1/29/20226/15/2021Approved Jewelers Mutual Ins Co, SI000532 Grange Ins Pool00391710.60%GA8/29/202211/1/2022Approved Grange Ins Co000422 Grange Ins Pool00391710.60%GA8/29/202211/1/2022Approved Grange Indemnity Ins Co011777 Sentry Ins Group00008610.60%CA9/30/20229/30/2022Approved Sentry Select Ins Co002224 Liberty Mutual Ins Cos00006010.20%CO2/23/20224/1/2021Approved OH Security Ins Co002379 Grange Ins Pool00391710.20%GA8/29/202211/1/2022Approved Trustgard Ins Co010778 Note: The disposition date refers to the date a department of insurance considers each submission to be closed, regardless of the final status. Source: Best’s State Rate Filings; data as of Oct. 31, 2022.64BEST’S REVIEW • DECEMBER 2022 Book Store Understanding Disaster Insurance: New Tools for a More Resilient Future The rising frequency and intensity of natural disasters is threatening our way of life and livelihoods. While insurance and risk transfer markets are powerful tools for adapting to the rise of those catastrophic events and climate change, often they are misunderstood, said Carolyn Kousky, Ph.D., associate vice president, economics and policy at the Environmental Defense Fund and author of the new book, Understanding Disaster Insurance: New Tools for a More Resilient Future. The following is an edited transcript of the AM Best TV interview with Kousky. How did the idea for the book come about? Globally, many risks are going up, and that can be costly for people and businesses. Climate change is increasing the frequency and severity of extreme events. We see growing interconnections in our economies and societies. Technology is changing at a breakneck pace and there is often sufficient attention to reducing risks. That makes insurance more important to secure financial resilience and well- being. It also makes insurance harder to get and more expensive because those risks stress the industry. In the face of that challenge, there are emerging new discussions, partnerships and innovations around how we can harness the tools of insurance and risk transfer to improve our resilience, sustainability, equity and recovery. I think of these new innovations as centered around the use of insurance for the greater good. While insurance and risk transfer markets can be powerful tools for adapting to climate change, why are they often misunderstood? Insurance is not like most products people buy. You buy it hoping you never have to use it. It’s a risk management tool. You pay a little bit in the good years to be protected in those bad years. There’s also limits on what insurance can do and what risks you can transfer. We can’t get insurance for very small or frequent risks because the transaction costs of that would make it too expensive and not worthwhile. At the other end, we can’t transfer very catastrophic risks because in the extreme, very big risks are uninsurable. For example, business interruption losses from shutdowns at the start of the pandemic were very costly because they were so widespread that paying all those BI losses would have bankrupted insurers. There are limits on the ability to transfer these highly correlated and catastrophic risks. What do you hope readers will take away from your book? I hope they see insurance not as boring, confusing or frustrating, but as an important tool for our well-being in the face of growing disaster risk. BR —Lori Chordas Harnessing Insurance and Risk Transfer Tools to Improve Resilience Carolyn Kousky examines the complexity of risk transfer markets and how to secure a resilient future. Go to Amazon to find these and other books. Send us your book recommendations at bestreviewcomment@ambest.com. AM Best Business Trilogy AM Best details the history of AM Best, the history of credit rating agencies, and the life of Alfred M. Best. The Company—A History of AM Best The Industry—A History of Credit Rating Agencies The Man—A Biography of Alfred M. Best T h e A M B e s t B u s i n e s s T r i l o g y The Industry The Company The Man Industry Theeee A History of the Credit Rating Agencies AM B est T h e A M B e s t B u s i n e ss T r i l o g y The Industry The Company The Man AM B est A History of AM Best Company Theee T h e A M B e s t B u s i n e ss T r i l o g y The Industry The Company The Man AM B est A Biography of Alfred M. Best Man Theee AM Best TV Visit www.bestreview.com to watch the interview with Carolyn Kousky. Lori Chordas is a senior associate editor. She can be reached at lori.chordas@ambest.com.65BEST’S REVIEW • DECEMBER 2022 App Store App Investment It’s so simple, right? Someone swipes right on their cell phone, presses the app icon and the world of property and casualty insurance unfolds in front of their eyes. Carriers should be pleased that the money they’ve invested in modernizing their product will make insurance more accessible and help their bottom line, right? Well, the answer may be more complicated than that. J.D. Power released a study this year showing how the streamlined user experience, seamless customer support and improved navigation that were supposed to define the digital transformation of the P/C insurance industry have been “overpowered by rising rates.” The report, U.S. Insurance Digital Experience Study, showed how overall customer satisfaction with insurers’ digital offerings has been on the decline, despite significant investments in customer-facing websites and mobile apps. Robert M. Lajdziak, director of insurance intelligence at J.D. Power, said insurers keep “upping the ante” on technology but the improvements are being offset “by frustration among customers who are going online to shop for a better rate—and not finding one.” Lajdziak spoke about how the report shows that people are choosing not to use digital tools or educational resources to help them through the insurance-purchasing process. Following is an edited transcript of the interview. Aren’t apps supposed to make the whole experience user-friendly and maybe make it even more accessible no matter what the cost is? You would think so. But what we’re seeing is, especially in terms of down-market insurance companies— everybody is racing to the app finish line and the tools aren’t where they should be. Is it because an app is supposed to make the experience user-friendly but sometimes things are hard to find or it’s just hard to navigate? It depends on the carrier. So we’re talking about an app. Somebody like a USAA or a State Farm—they have navigation issues just because they have so many different products and services. When we go to somebody much more simple, they don’t have those same issues. What about apps that allow you to shop for policies. Are people not finding them easy to use? I wouldn’t go that far. In terms of the shopping specifics, what we’re seeing in our data is that customers are— yes, they’re shopping but they’re not finding better prices. No surprise there. But what we’re seeing more recently is that they’re shopping and using features like [the chat function] to get a better perspective on why they’re not seeing a better price or why they’re not getting a better quote than what they think they should. What was the overall surprising result, would you say? What we’re seeing overall is that customers are just jaded by what they’re getting from auto premium increases and that is really just hampering the rest of their insurance experience. If we look at even homeowners specifically, most homeowners policies are bundled with auto. Bundled homeowners are down year over year in terms of customer satisfaction and it’s specific to having auto premium increases. So, yes, I’m not surprised with the results. BR —Tom Davis J.D. Power: P/C Insurer App, Digital Investments Not Enough to Offset Rates Carriers invested heavily to modernize the insurance experience. Is it paying off? BEST’S CREDIT RATINGS MOBILE APP Instant Access to Best’s Financial Strength Ratings 22.MK132D Our Insight, Your Advantage ™ Learn More: www.ambest.com/mobileapp www.ambest.com • (908) 439-2200 Tom Davis is managing editor. He can be reached at tom.davis@ ambest.com.66BEST’S REVIEW • DECEMBER 2022 Trending: Best’s News Trending: Best’s Review 1. Automakers Build New Insurance Future 2. Top Global Insurance Brokers — 2022 Edition 3. Whittling Down: In 2023, Cuna Mutual Group Prepares to Rebrand and Focus on Middle Market 4. Expansion Spurs Growth for US P/C Mutuals Moving Up the Charts 5. At a Glance — Auto Insurance Initiatives Trending: BestWire $ 1. Insurtech Hippo Lays Off 70 Employees 2. Best’s Rankings: Progressive Surpasses State Farm to Become Largest US Total Auto Writer in 2021 3. Insurtech Foresight CEO: 40 Employees Laid Off as Technology Upgrade Eliminates Manual Labor 4. Berenberg: Hurricane Ian Could Churn Out Losses Up to $2.7 Billion for Four Reinsurers 5. AIG, Liberty Mutual, Others Resisting Boy Scouts $2.3 Billion Abuse Settlement Trending: AM Best Webinars 1. Inside Today’s Surplus Lines Market 2. How Imagery Models Are Delivering Ground Level Truth for Underwriting Risk 3. How Insurers Are Improving Auto Claims Experience by Focusing on Customer Satisfaction Trending: AM Best TV - News Coverage 1. Philly I-Day Cyber Panel: It’s Less About the Information and More About Defenses 2. Insurers Are Customizing Work Life to Meet Employees ‘Where They’re At’ 3. IGI’s Jabsheh: Reinsurers Coming to Grips With Volatility, Changing Risk Landscape 4. WSIA Emerging Risk Panel: Inflation, Secondary Perils, Social Inflation Among Emerging Risks 5. HSB’s Riggs: Insurers Increasingly Employ Sensor Technology to Mitigate Risk Surplus Lines Automaker Initiatives in Insurance Lead the List of Best’s Review Articles Other trending content includes Best’s Rankings, coverage of mutual insurers and news of industry layoffs. These were the top trending items from Aug. 23-Sept. 23, 2022. Features, news articles and videos were based on page views. Webinars were based on webinar attendance. The above content can be viewed on demand at www.bestreview.com, or by visiting AM Best’s home page at www.ambest.com. $ Payment or subscription required. Visit www.ambest.com/advertising to learn more about how to advertise in Best’s Review, BestWire, AM Best Webinars and AM Best TV. Automakers Layoffs Cyber 67BEST’S REVIEW • DECEMBER 2022 Trending: Best’s Research Trending: Best’s Special Reports 1. Rising Interest Rates Leading to Large Unrealized Losses on Fixed Maturities $ 2. Private Equity Continues to Make Inroads in Life/Annuity Segment $ 3. First Look: Six-Month 2022 US Property/Casualty Financial Results $ 4. US P/C Rating Actions Varied as Insurers Face Pressure From Loss Trends $ 5. First Look: Six-Month 2022 US Life/Annuity Financial Results $ Trending: Best’s Market Segment Reports 1. Global Reinsurance: More Stable and Improved Results Following Shift From Property Catastrophe Risks 2. Market Segment Outlook: US Personal Auto 3. Supply and Demand Dynamics on Full Display in the Insurance-Linked Securities Market 4. Global Reinsurance - The European Big Four 5. US Homeowners Line Well Capitalized but Weather Events Pose Significant Uncertainty $ Trending: Best’s Commentary 1. Hurricane Ian Will Test Florida’s New State-Run Reinsurance Program 2. Reinsurer Losses Related to Florida Specialists Continue to Climb Despite No Significant Storms 3. US Insurers Have Minimal Investments in ILS and Cat Bonds 4. Hurricane Fiona Insured Losses Depend on Recovery and Resilience 5. Manageable Impact of Super Typhoon Nanmadol on Insured Losses Trending: AM Best TV - Research Coverage 1. AM Best Reinsurance Market Briefing - Rendez-Vous de Septembre 2. AM Best’s Mosher: DUAEs Present Growth Opportunity for Insurers 3. AM Best: Hurricane Ian Expected to Test Florida’s New State-Run Reinsurance Program 4. AM Best’s Holzberger: Discussions Build Around Property Cat Pullback 5. AM Best: Surplus Lines Segment Saw Record-High Direct Premiums Written in 2021 Trending Research Includes Reports on Rising Interest Rates and Private Equity Other trending research includes a market segment outlook on U.S. personal auto and a report on the insurance-linked securities market. These were the top trending research and commentary reports from Aug. 23-Oct. 23, 2022. $ Payment or subscription required. Best’s News & Research Service subscribers can download PDF copies of all Best’s Special Reports, Best’s Commentaries and Best’s Market Segment Reports along with supporting spreadsheet data at www.ambest.com. Reinsurance Florida Reinsurance Interest RatesNext >