Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best in a report. Of course, headwinds still exist …
AM Best reported a net underwriting loss of $333 million for the U.S. nonstandard auto insurance segment during the first half of 2023 — a year-over-year improvement from the $773 million loss seen in the first six months of 2022. …
Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, property/casualty insurers performed well in 2022, according to the latest report on the long-term impairment rates of U.S.-domiciled insurance companies. The report released earlier this …
AM Best does not believe artificial intelligence is the main cause of recent insurance industry layoffs. In commentary released today, the credit rating agency wrote that “it is too soon to cite AI as the leading cause of the job …
Insurance industry rating agency AM Best has upped its view of the excess and surplus market as it continues to absorb business from the admitted market. AM Best on Monday changed its U.S. E&S outlook from “stable” to “positive,” considering …
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Ratings to “bb” (Fair) from “bbb-” (Good) of Civil Service Employees Insurance Company and CSE Safeguard Insurance Company, which together comprise …
The number of rated property/casualty personal lines insurers that had their credit ratings downgraded by AM Best more than doubled to 21 in the first-half of 2023, compared to 10 in first-half 2022. Additional downgrades of 10 commercial insurers and …
The U.S. title insurance industry saw its volume of net premium written decline by 16.1% in 2022, to approximately $20.9 billion, following a decade of growth during which this level had more than doubled, according to a new AM Best …
Underwriting losses in U.S. commercial auto have returned to pre-pandemic levels and rate increases have not been enough to keep up with severity trends. “The liability component has been more problematic than the physical damage component, which is no surprise …
The U.S. homeowners insurance segment has been hit with three consecutive years of net underwriting losses as a result of above-average numbers of natural catastrophes, inflationary pressures and elevated reinsurance costs. These market headwinds have led AM Best to revise …
