AM Best has made an update to its corporate logo. The new logo is an evolution of the familiar oval-shaped icon created by the company’s previous Chairman, the late Arthur Snyder Jr., in 1968. Current Chairman, President & CEO Arthur Snyder III directed the design of the new logo, drawing inspiration from the past while… Continue reading AM Best’s Rebrands, Highlighting Longevity and Consistency
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2020 California Wildfires May Lead to Further Spikes in Reinsurance Rates: AM Best
Considering the existing rate hardening that has been created by the COVID-19 pandemic, this year’s record-breaking California wildfire season could spur further reinsurance rate increases, AM Best says. The 2020 wildfire season has affected coastal areas that do not usually burn and has seen the still-ongoing LNU Lightning Complex event and the SCU Lightning Complex… Continue reading 2020 California Wildfires May Lead to Further Spikes in Reinsurance Rates: AM Best
AM Best Comments on Port Explosion in Beirut
AM Best is monitoring the situation in Beirut, Lebanon, following the devastating explosion at the city’s port on Tuesday, August 4. The cause of the explosion, which resulted in many casualties and considerable damage is still under investigation. As the situation is unfolding, the likely effect on the local insurance market remains uncertain at this… Continue reading AM Best Comments on Port Explosion in Beirut
AM Best Warns Against COVID-19 Workers’ Compensation Law
AM Best has warned that legal efforts in several US states to expand workers’ compensation coverage to allow employees to claim for COVID-19 will have a negative impact on re/insurers. The rating agency turned negative on workers’ compensation lines back in March due to the economic conditions and rise in unemployment that accompanied the pandemic,… Continue reading AM Best Warns Against COVID-19 Workers’ Compensation Law
AM Best Revises Commercial Lines Outlook to Negative on COVID-19 Impact
AM Best has revised its market segment outlook on the U.S. commercial lines industry to negative from stable, owing to the impact of COVID-19 and the ensuing economic slowdown. Concurrently, AM Best is maintaining its stable outlook on the U.S. personal lines industry. In a Best’s Market Segment Report on its commercial lines insurance market… Continue reading AM Best Revises Commercial Lines Outlook to Negative on COVID-19 Impact
Global Reinsurers Resilient in Face of COVID-19: AM Best
Despite mounting uncertainties around the coronavirus pandemic, AM Best believes reinsurers globally are well capitalized and remain resilient thanks to a long history of innovative and prudent risk management. AM Best expects any covered losses to be manageable and believes relevant policy exclusions will hold up. Adverse impacts from the pandemic may act to restrain… Continue reading Global Reinsurers Resilient in Face of COVID-19: AM Best
AM Best to Develop COVID-19 Stress Tests for Reinsurers
Rating agency AM Best has revealed that it is in the process of developing stress testing that it will use to gauge the impact of the coronavirus (COVID-19) outbreak on its rated reinsurance companies. The tests will aim to measure the effect of the pandemic on reinsurers’ balance sheets, including on risk-adjusted capital levels, investment… Continue reading AM Best to Develop COVID-19 Stress Tests for Reinsurers
U.S. P/C Industry Sees Improvement in Net Underwriting Income in 2019
The U.S. property/casualty (P/C) industry improved its net underwriting income in 2019 by $4.9 billion compared with 2018 as a 4.7% growth in net premiums earned offset increases in incurred losses and loss adjustment expenses, underwriting expenses and policyholder dividends. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month… Continue reading U.S. P/C Industry Sees Improvement in Net Underwriting Income in 2019
AM Best Maintains U.S. Personal Lines Insurance Market Outlook at Stable
AM Best has maintained a market segment outlook of stable on the U.S. personal lines industry for 2020, citing a significant decline in catastrophe activity, profitable underwriting performance in the private passenger auto segment and the sector’s overall strong risk-adjusted capitalization levels. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Personal Lines,”… Continue reading AM Best Maintains U.S. Personal Lines Insurance Market Outlook at Stable
AM Best Maintains U.S. Commercial Lines Insurance Market Outlook at Stable
AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability challenges. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Commercial Lines,” notes that commercial… Continue reading AM Best Maintains U.S. Commercial Lines Insurance Market Outlook at Stable