The global reinsurance industry demonstrated a significant recovery of prior-year capital losses in 2023, driven by strong technical results, unrealized capital gains and higher reinvestment rates, according to a new AM Best commentary.
Tag: AM Best
U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Despite ongoing pressure from catastrophe-related and secondary peril losses, insurers within the U.S. property/casualty (P/C) industry have been able to bolster their bottom-line financial results by cutting underwriting expenses, according to a new AM Best report. The U.S. P/C industry segment has cut 2.6 percentage points from its underwriting expense ratio over the past decade,… Continue reading U.S. P&C Insurers Cut Expenses in the Wake of Deteriorating Personal Lines Results
Everest Group CEO: Supply and Demand Gap, Pent-Up Demand to Drive Higher Prices
A sizable supply and demand gap lingers and pent-up demand from cedents continues to grow, which could result in terms and conditions remaining tight, said Everest Group President and Chief Executive Officer Juan Andrade.
Loss Costs Drive Negative U.S. Personal Lines Outlook; DUAE Market Grows Despite Vesttoo Bankruptcy
High losses in both homeowners and auto lines prompted AM Best to maintain a negative outlook on the U.S. personal lines segment while the rating agency also maintained a positive outlook for the delegated underwriting authority enterprises segment, AM Best analysts said in a market outlook briefing.
AM Best Maintains Stable Outlook on U.S. Commercial Lines Insurance Segment
AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance for 2024, citing in part the segment’s persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility.
AM Best Maintains Stable Outlook on U.S. Life/Annuity Insurance Segment
AM Best is maintaining its stable outlook on the U.S. life/annuity market segment for 2024, noting its strong liquidity and capital positions, robust annuity sales and slightly improved new money yields in a benign credit environment.
AM Best Maintains Stable Outlook on Global Reinsurance Industry
AM Best has maintained its market segment outlook for the global reinsurance segment at stable, citing substantial rate improvement, primarily in property lines, with higher average attachment points expected to result in widening profit margins.
AM Best Panel Explores How GenAI & ChatGPT Are Reshaping the Insurance Industry
A recent panel hosted by AM Best, that included insurance and technology experts, examined how Generative AI and ChatGPT technologies will play a key role in driving the customer experience across the industry.
Best’s Commentary: Too Soon to Say If AI Is Leading Cause of Insurance Job Losses
In its Best’s Commentary, titled, “Recent Layoffs by Insurers Alone Do Not Signal Rating Pressure,” AM Best notes that even as hiring levels decline and layoffs appear to be rising across the insurance industry, it is too soon to cite AI as the leading cause of the job losses, at least at this nascent stage.
AM Best Revises Outlook on U.S. Medical Professional Liability Segment to Stable
AM Best is revising its outlook on the U.S. medical professional liability (MPL) insurance segment to stable from negative, citing improved rate adequacy, the diminishing impact from pandemic-related exposures, persistently redundant loss reserves, higher reinvestment rates and improved overall returns.