Keyword
A.M. Best Company
How the world’s brokers rank by revenue
July 5, 2021 by Greg MeckbachMarsh was still the world’s biggest brokerage in 2020, even after more than 700 merger deals got done last year, A.M. Best Company Inc. reports in Top Global Insurance Brokers – 2021 Edition, released July 1. Quoting from Optis, A.M.…
One big lesson from pandemic business interruption coverage disputes
February 2, 2021 by Greg MeckbachThe industry could do a better job of explaining to commercial clients exactly what business interruption insurance actually covers, A.M. Best Company Inc. suggests in a report released Monday. “Disputes over BI cover are unfavourable for the reputation of affected…
Is the risk of coronavirus a ‘physical loss’ to the property?
April 29, 2020 by Greg MeckbachCommercial insurers may say that business interruption does not normally apply to the pandemic because coverage only kicks in when there is an insurable property loss. However, some clients’ lawyers are arguing the coronavirus should in fact be considered a…
Key COVID-19 exposures for the Canadian P&C industry: A.M. Best
April 6, 2020 by Greg MeckbachThe Canadian property and casualty industry is well-positioned to withstand the financial pressures exerted by COVID-19, but A.M. Best Company is nevertheless concerned about commercial premiums dropping due to business closures and coverage disputes over business interruption. “In Canadian P&C,…
An emerging commercial risk with growth opportunity
September 30, 2019 by Greg MeckbachCompanies providing electric scooters and similar devices are spawning a growing market for commercial insurance, an analyst with A.M. Best Company Inc. suggests. There is no standard definition of “micro mobility” but it often refers to small “last-mile” modes of…
Risk appetite for marijuana ‘all over the map’
September 17, 2018 by Greg MeckbachSome insurance companies “want no part” of covering risks related to cannabis in Canada, an industry analyst warns. As of Oct. 17, it will be legal in Canada for adults to possess up to 30 grams of dried cannabis for…
U.S. P&C industry records US$5.1 billion underwriting loss in first half of 2017: A.M. Best
August 29, 2017 by Canadian UnderwriterThe property and casualty industry in the United States recorded a net underwriting loss of US$5.1 billion for the first six months of the year, according to preliminary results from A.M. Best Company. This underwriting loss compares with a US$2 billion loss in the same period a year ago, the Oldwick, N.J. ratings firm said in a press release on Tuesday. Data from the financial review is derived from companies’ six-month 2017 interim statutory statements received as of Aug. 21 and represents an estimated 96%…
Cyber line expected to be one of the leading P&C growth areas in the U.S. over the next few years: A.M. Best
June 23, 2017 by Canadian UnderwriterThe cyber line of business is expected to be one of the leading growth areas within the property and casualty space in the United States, with cyber coverages estimated to increase between US$7.5 billion to US$20 billion by 2020, a…
Cyber security a ‘key aspect’ of risk management for medical professional liability insurers: A.M. Best
May 11, 2017 by Canadian UnderwriterMedical professional liability insurers who retain cyber risk need to limit their exposure “through strong policy language,” A.M. Best Company Inc. warned in a report released Wednesday. The ability to “identify emerging risks in areas such as cyber security,” is,…
A.M. Best requests comments on draft ratings criteria for Canadian P&C insurers
April 27, 2017 by Canadian UnderwriterOldwick, N.J.-based ratings firm A.M. Best Company is requesting comments from market participants in the insurance industry and other interested parties on the draft criteria reporting Understanding BCAR for Canadian Property/Casualty Insurers. BCAR, or Best’s Capital Adequacy Ratio, is calculated…
Canadian industry underwriting income down 81% in 2016: MSA
April 18, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released…
Climate adaptation investment has ‘long-lasting and substantial impact:’ Intact VP
April 5, 2017 Greg Meckbach, Associate EditorBuilding infrastructure to reduce weather-related losses can benefit society for generations, but the problem of climate change is “so global and complex” that there will always be more work required, insurance company executives suggested Wednesday at a conference in Toronto.…