While most of the COVID-related problems that plagued UK commercial property insurers will abate after the March anniversary of lockdowns, battles with reinsurers and damaged reputations are lingering impacts, AM Best said. In a commentary report, “UK Commercial Property Insurers—Looking …
Reinsurers and insurers for years have been worried about systemic risks – those uninsurable risks with the potential of surpassing the capital of the industry. The COVID-19 crisis has renewed attention on these risks, which could also include a global …
The devastating explosion at the Beirut’s port on Tuesday, Aug. 4 caused many casualties and considerable damage, but local insurance penetration rates in Lebanon generally are low, said AM Best in a market commentary. For the international market, however, marine …
The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report. Indeed, the …
In an initial test of its new innovation assessment scores, AM Best found that only 1 percent of rated property/casualty insurers merit scores high enough to categorize them as innovation leaders, according to a recent report. The special report, “AM …
Reinsurers’ earnings are likely to see further erosion in 2019 after another year of major catastrophe losses, which is prolonging the positive momentum for reinsurance pricing, according to AM Best. “Three consecutive years of severe losses, dwindling favorable reserve development …
A.M. Best maintains its negative outlook for the U.S. commercial auto insurance market even though its analysts believe it should improve somewhat in 2019. That forecast stems from commercial auto insurers having taken steps to address their most problematic exposures, …
Residents on Mexico’s Pacific Coast on Wednesday began clearing up the wreckage left by Hurricane Willa, which ripped through towns overnight, tearing off rooftops, downing power lines and splitting trees apart. Willa, a powerful Category 3 hurricane, hit the northwestern …
Mexico’s insurance industry overall remains well-capitalized and can absorb the financial impact generated from Hurricane Willa, according to an A.M. Best briefing. Hurricane Willa made landfall on Oct. 23 on Mexico’s Pacific Coast (approximately 300 miles west of Mexico City) …
A significant majority of global insurers understand that innovation is increasingly becoming a competitive differentiator in the global marketplace, according to the results of an A.M. Best survey of its rated entities. More than 80 percent of survey respondents said …
