Reinsurance News
AM Best
Insurance and reinsurance industry news that mentions rating agency AM Best. AM Best is a key rating agency for insurers and reinsurers, with its insurance and reinsurance ratings and analysis closely watched by market participants.
AM Best upgrades China Re ratings
21st November 2022
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A of China Reinsurance (Group) Corporation (China Re) (China) and its subsidiaries. According to AM Best, China Re’s ratings reflect its balance sheet strength, which AM Best assesses as very ... Read the full article
Mounting pressures create tough terrain for US personal auto insurers: AM Best
16th November 2022
According to a report from AM Best, US private passenger auto insurers recorded an underwriting loss of more than $4bn in 2021, and with a rapidly worsening loss ratio through first-half 2022, the firm expects that carriers’ operating margins will continue to be squeezed in the near term. AM Best cites ... Read the full article
Asbestos & Environmental loss reserves continue to decline: AM Best
16th November 2022
AM Best is maintaining its estimate for net asbestos losses at $100 billion and environmental losses at $46 billion as of year-end 2021, adding that given the relatively high but declining level of both paid and incurred losses, its estimate of ultimate losses remains on target. The firm states that the ... Read the full article
Interest rate impact on re/insurers depends on accounting methods: AM Best
9th November 2022
Substantial increases in interest rates globally have significantly affected the balance sheets of some insurers this year, though the impact will depend on the accounting methods employed, suggests AM Best. The rating agency notes that insurers in countries using a market value approach saw material declines in available capital from unrealised ... Read the full article
AM Best maintains negative outlook on German life insurance segment
8th November 2022
Global credit rating agency AM Best has announced that it is maintaining its negative outlook on the German life insurance segment. According to the agency this decision is mainly due to potential for lower new business growth driven by uncertain economic conditions, as well as increased investment volatility and potential for ... Read the full article
Negative outlook for Germany’s non-life insurance segment: AM Best
7th November 2022
AM Best is revising its outlook for the German non-life insurance segment to Negative from Stable, mainly driven by uncertainty and significant changes in the operating environment. Factors that support the Negative outlook according to the rating agency, include growth prospects challenged by economic uncertainty and rising inflation and vehicle use ... Read the full article
AM Best Maintains Negative Outlook on Indonesia Non-Life Insurance Market
4th November 2022
Rating agency AM Best has announced that it is maintaining its negative market segment outlook on the Indonesia non-life insurance segment citing challenges in credit and motor insurance ongoing macroeconomic uncertainties. In a new Best Market segment report, titled “Market Segment Outlook: Indonesia Non-Life Insurance,” Best notes that it expects the ... Read the full article
AM Best maintains negative outlook on Indonesia non-life market
1st November 2022
Global credit rating agency AM Best has announced it is maintaining its negative outlook on the Indonesia non-life insurance market. According to the agency this decision is mainly due to challenges in credit and motor insurance and ongoing macroeconomic uncertainties. Claims frequency normalisation, which has the potential to dampen the segment’s ... Read the full article
ID theft coverage becoming essential for insurers: AM Best
28th October 2022
A new report from AM Best highlights that even though ID theft coverage is offered as a standalone policy, but predominantly sold as part of a package, the market has seen a significant increase in standalone policies, to 2.3 million in 2021 from just over 300,000 in 2020. Best notes that ... Read the full article
US workers’ comp insurance line faces uncertain future despite solid profits
27th October 2022
Uncertain future for US workers’ compensation insurance line, warn analysts at AM Best, despite the line generating solid profits. According to a recent AM Best report, in the last five years, the annual underwriting profit in the US workers’ compensation line of business has averaged $4.8 billion and totaled almost $24 ... Read the full article
Unrealised losses on fixed maturities caused by rising interest rates: AM Best
19th October 2022
According to a report from AM Best, publicly traded insurers have reported more than $200bn of unrealised losses on their fixed-income portfolios through the second quarter of 2022, as rising interest rates have diminished bond values. The report states that over a quarter of publicly traded insurers have lost more than ... Read the full article
AM Best maintains negative outlook on Colombia’s insurance market
18th October 2022
AM Best is maintaining its negative outlook for Colombia’s insurance industry, owing to the challenging global conditions that continue to pressure the country’s economy. In its report, Best notes that despite economic conditions in the country improving over the past few years, development has been limited by the spread of COVID-19 ... Read the full article
AM Best revises outlook for Costa Rica’s insurance industry to negative
17th October 2022
Rating agency AM Best has announced that it is revising its outlook for Costa Rica’s insurance industry to stable from negative. The rating agency stated that this owed to the recovery in business volume, contained loss ratios in the non-life market segment, an expected improvement in the government’s budget, as well ... Read the full article
AM Best turns negative on Peak Re and Swiss subsidiary
17th October 2022
Rating agency, AM Best has revised the outlooks to Negative from Stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Peak Reinsurance Company Limited (Hong Kong) and its subsidiary, Peak Reinsurance AG (Switzerland). Best suggests that the negative outlooks of ... Read the full article
UK life insurers remain resilient despite market turbulence: AM Best
12th October 2022
A new report from AM Best states that the balance sheets of UK life insurers have proved resilient through a period of market turbulence in financial markets due to the sharp and rapid rise in yields on UK gilts towards the end of September 2022. Sharp moves in yields have placed ... Read the full article
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