Nearly 8.5 million residential and commercial properties in Florida are at either “extreme,” “very high” or “high” risk of wind damage from Hurricane Irma, new data from CoreLogic shows. According to data analysis from the global property information, analytics and…
A.M. Best Company Inc. expects its new methodology – which will yield five different scores for capital adequacy ratio – will become effective early in the fourth quarter but will not be a “fundamental change” to how the ratings firm…
As the Bank of Canada announced Wednesday its second rate hike in less than two months, an analyst with A.M. Best Company Inc. suggested to industry professionals that a 2.1-point increase in the industry-wide operating ratio in the Canadian property…
The auto personal accident loss ratio in Canada “remains a concern,” with Canadian auto insurers being affected by distracted driving and rising repair costs, A.M. Best Company Inc. suggested in a recent report. In 2016, ratings firm A.M. Best said…
The global reinsurance market is “far from thriving” and while the Lloyd’s market “maintains an excellent business profile,” its accident year combined ratio in reinsurance exceeded 100, A.M. Best Company Inc. said in a report released Tuesday. Each September, Oldwick,…
While Economical Insurance plans to submit next year a conversion proposal outlining a proposal to demutualize, if a smaller mutual property and casualty insurer were to go through the same process as Economical, it “may not realize the benefits when…
There is a “growing interest” among Canadian property and casualty insurers in the United States market, while on this side of the border, Aviva plc has became the Number 2 P&C insurer in Canada and the loss ratio in Canadian…
Catastrophic and life-threatening flooding persisted over parts of southeastern Texas as of early Monday morning despite Harvey being downgraded from an anticipated Category 3 hurricane to a tropical storm. “Do not attempt to travel in the affected areas if you…
Credit rating activity for the United States’ property and casualty industry in the first half of 2017 was favourable, with upgrades outpacing downgrades, A.M. Best Company reported on Thursday. Nearly one-third of the 2017 upgrades were driven by “increased parental…
Toronto’s Fairfax Financial Holdings Ltd. announced Thursday it now has “all regulatory approvals that are necessary” for it to merge with Swiss insurer and reinsurer Allied World Assurance Company Holdings AG but suggested fewer than 90% of Allied World shareholders…
Medical 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,…
Oldwick, 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…