Insurance news, interviews, rating announcements and more.
New research from AM Best shows private carriers increased their total flood insurance by more than 40% in 2021, said AM Best Senior Industry Analyst Christopher Graham and Associate Director David Blades.
The net underwriting loss reported for first-half 2022 was the worst in five years, said AM Best Associate Director David Blades and Associate Analyst Michael Vallario.
The state is dependent on Florida-focused specialist insurers, which are disproportionately dependent on reinsurance, said AM Best Senior Industry Analyst Christopher Graham and Senior Director, Industry Research & Public Relations Sridhar Manyem.
U.S. auto insurers' profit margins are being squeezed by inflationary pressure, supply chain challenges and costly repairs of technologically advanced autos, said AM Best Associate Director David Blades.
Frank Cesario, director, claims, insurance, LexisNexis Risk Solutions, said the rising number of total losses requires a greater focus on compressing the timeframe to make customers “whole faster and ensure we’re paying the right amount for the taxes and fees.”
Kip Kelley, CEO US, Aon Affinity, said successful programs are built on innovation, distribution, underwriting and administration. Kelley spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
Claude LeBlanc, CEO, Ambac and Everspan Group, said the organization typically retains about 20% of the risk it writes. LeBlanc spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
Ann McColgan, midcorp programs governance lead, Allianz Global Corp. and Specialty, said managing general agents that lack strong tech capabilities are being acquired by organizations that have those resources. McColgan spoke with AM Best TV at Target Markets' 20th Annual Summit in Scottsdale, Arizona.
David Halfpenny, senior vice president, Axis Capital, said the rebound for the travel, leisure and sports sectors is fueling coverage growth. Halfpenny spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
Matt Sackett, CEO, Doxa Insurance Holdings, said the managing general agency sector is seeing strong growth, which is adding to the attractiveness and value of individual organizations. Sackett spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
David Kaplan, vice president, captives and gig economy, Crum & Forster, said programs can find risk financing via alternative markets and captives.
Denise Olson, head of programs, Zurich North America, said MGAs can demonstrate their quality through assessments and meeting best practices designations. Olson spoke with AM Best TV at Target Markets' 22nd Annual Summit, held in Scottsdale, Arizona.
Jennifer Guidry, divisional vice president, business development and marketing, Great American Insurance Group, said organizations that specialize perform and attract talent better than generalists. Guidry spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
Brian Cohen, CEO, Arden Insurance Services, said commodity lines such as home and auto coverage are particularly challenging areas in which to develop specialized coverage.
John Colis, president and CEO of delegated underwriting authority enterprise Euclid Program Managers, said many smaller managing general agents have disappeared as firms have turned to acquiring MGAs rather than retail brokers.
Leah Ohodnicki, senior vice president, head of specialty programs, Argo Group, said the organization is working across its network to support newer insurance professionals. Ohodnicki spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
Matt Price, senior vice president, Aspen Insurance, said the appeal of the managing general agent sector is the ability to build through specialization. Price spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
David Howden, founder and chief executive, Howden Group Holdings, and Kieran Sweeney, executive chairman, DUAL North America, said managing general agents have become a significant entry point for insurance talent and technology. Both spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale Arizona.
Sachin Kulkarni, senior vice president, Xceedance, said attempts to transform organizations often falter because they don't adequately consider the human element. Kulkarni spoke with AM Best TV at Target Markets' 20th Annual Summit, held in Scottsdale, Arizona.
Piyush Patel, vice president, property, Nationwide E&S Specialty, said working as an underwriter exposes professionals to a host of financial and reinsurance considerations. Patel spoke with AM Best TV at Target Markets' 22nd Annual Summit, held in Scottsdale, Arizona.
Rich Soja, global head of inland marine and North American head of marine at Allianz Global Corporate and Specialty, said the marine lines should see continuous growth in the year ahead despite inflation and increasing reinsurance rates.
Stephen O'Connor, general manager of CloudCore Business and executive vice president at EIS, says insurers want to pick up the pace of change.
Ian Drysdale, CEO, One Inc., discusses the rapid transformation of insurers embracing digital claims payments to help enhance customer experience.
Digital Revolution
Underwriting Agribusiness
Beazley's Turk and Mounier: Success in Asia-Pacific Puts Relationships Ahead of Deals
Munich Re's Farny: China's Reinsurance Market Shifting From Capital Management to Risk Transfer
Himalayan Re's Ramamurthy: Nepal Is a Deep Source of Coverage Opportunities
Howden Re's Warwick: Inflation Puts a Sharper Focus on Underwriting
AM Best: Insurance Growth in Some Asia Markets Could Outperform the Economy
