Hurricane Idalia, with estimates of insured losses as low as $2 billion, will nonetheless affect underwriting results for a number of carriers, the AM Best financial rating firm said in a report released Friday. “Hurricane Idalia will most likely be …
As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk …
Ahead of this week’s special legislative session in Florida, the AM Best financial rating firm predicts that “without immediate and substantive long-term legislative reforms,” further insurer insolvencies are on the near-term horizon. “The outcome of the special legislative session could …
Secondary peril events such as wildfires, tornadoes and severe thunderstorms are becoming more impactful and generating an increasingly larger amount of insured losses, affecting the bottom lines of personal and commercial lines property underwriters. The growing frequency of severe weather …
UK insurers are adjusting to new pricing rules for personal motor and household premiums, which could bring some pricing volatility in the coming months as insurers struggle with the implementation. The rules, which went into effect on Jan. 1, are …
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 …
Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant, according to a new AM Best commentary. Losses on …
In a commentary on the recent Midwest flooding, AM Best said the states hit hardest by these floods — such as Missouri, Iowa, Kansas and South Dakota — generally have National Flood Insurance Program (NFIP) insured rates of less than …
