Best's Review. July 2021
Title: Best's Review. July 2021
This includes: AM Best TV & Audio: Bold Penguin: Insurance Sales Are Evolving Into Faster, Less-Expensive Transactions: Also, industry professionals discuss escalating demand for pet insurance offered through the workplace and the recent explosion of ransomware. AM Best Webinars: Panelists Address the Varied Effects of COVID-19 on Auto Insurers: Professionals also discuss how to better insure against flood loss and encourage more people to take up the coverage. App Store: Wunderite Driving Independent Agents Toward Google Maps' Experience: Web-based app collects and centralizes data to streamline processing of insurance applications. Book Store: A Love Letter to the Ones Who Built the Professional Lines Insurance Sector: Larry Goanos provides an insider's look into the people and companies that have made the business successful. CEO Interview: Guardian Life's CEO Andrew McMahon Wants the Mutual Insurer to Spend 2021 Looking Within: Less than a year after taking the helm of the 161-year-old life insurer, McMahon finds himself navigating what's next as the U.S. reopens following the COVID-19 pandemic. Chief among the efforts is a plan to look within and examine what the company should look like at all levels. Corporate Changes: Name Changes, Mergers and Domiciliary Change: Shades Creek Captive, NORCAL and Georgia Casualty & Surety are among the life/health and property/casualty insurers in the United States that have experienced a corporate change. Executive Changes: Scor SA's Board of Directors Names Laurent Rousseau CEO; Denis Kessler Remains Chairman: Also, BIBA names chair and deputy while Hippo announces a series of executive changes, including its first chief information officer. From the Editor's Desk: The Leaders Issue Features the Top Global Brokers and an Interview With the New CEO of Guardian Life: This month's Best's Review also includes rankings of the industry's largest insurers, based on exclusive AM Best data. Global Broker Ranking: Top Global Insurance Brokers - 2021 Edition: Top 10 remains the same, and Confie returns to the list after four years, based on 2020 total revenue. Industry Updates: European Commission Official Cautions on Pandemic Public-Private Insurance Partnerships: The coverage mechanisms will require large financing from member states due to the unprecedented physical costs of the measures put in place to manage the COVID crisis so far. Industry Updates: Fed Seeks More Time to Test US Capital Standard as Alternative to International Requirements: U.S. representatives argue international capital standard would not be appropriate as a capital rule for U.S. internationally active insurance groups. Insurance Marketing: Successful Marketers Align With Colleagues for Effective Branding and Messaging: It's also important to understand sales and executive goals and communicate succinctly, says Gallagher Bassett's Dave Gordon. Risk Adviser: Regulators, Investors Sharpen Their Climate and ESG Focus: The SEC and others will be taking a close look at climate risk disclosures. Standing the Test of Time: Standing the Test of Time - 2021 Edition: In 2020, 68 property/casualty insurance companies and 18 life/health carriers had maintained a Best's Financial Strength Rating of A or higher for at least 75 years. The Last Word: Can Digital License Plates Lower Insurance Costs?: The technology involved has the potential to combat fraud and theft and identify uninsured motorists. Top 200 U.S. L/H Insurers: Top 200 U.S. Life/Health Insurers - 2021 Edition: Industry's 2020 admitted assets increased 7.7%. Top 200 U.S. P/C Writers: Top 200 U.S. Property/Casualty Writers - 2021 Edition: Industry's 2020 net premiums written increased 2.5%. Top 25 U.S. Holding Companies: Top 25 U.S. Holding Companies - 2021 Edition: Top 75 U.S., Canada Public Insurers: Top 75 U.S. and Canada Public Insurers (Assets) - 2021 Edition: Ranked by 2020 Assets. Top 75 U.S., Canada Public Insurers: Top 75 U.S. and Canada Public Insurers (Revenue) - 2021 Edition: Ranked by 2020 Revenue. Trending: Best's Research: Trending Research Includes Reports on US P/C Insurers, D&O and ILS Markets: AM Best also comments on the pace of innovation, the outlook for medical professional liability insurers and the cyberattack on Colonial Pipeline. What AM Best Says: AM Best: Inland Marine Among Hardest Hit Lines in Quarantine: One bright spot: Pet insurance premium is up 15% this year. World's Largest Insurers: World's Largest Insurance Companies (non-banking assets) - 2021 Edition: Based on 2019 net non-banking assets. World's Largest Insurers: World's Largest Insurance Companies (npw) - 2021 Edition: Based on 2019 net premiums written.
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