Press Release - DECEMBER 10, 2018
Best’s Market Segment Report: U.S. Personal Lines Outlook Held at Stable as Private Passenger Auto Segment Sees Turnaround
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 10, 2018
A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Personal Lines,” states that while the personal lines segment’s performance improved in 2018, leading to an all-time high in policyholder surplus, competition remains intense in the auto and homeowners segments with little significant consolidation. Furthermore, although rate increases will continue, the level of those increases likely will subside in the near term. AM Best believes the segment as a whole must continue to focus on pricing segmentation, product development, risk management and the leveraging of technology and innovation, particularly as ever-present issues such as changing demographics and customer behavior, along with climate change, become more pressing. Companies that lack the will or resources to do so risk being left behind in an increasingly competitive market.
The market segment report outlines other factors that are driving the outlook, including as follows:
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=280747 .
For a video with Greg Williams, senior director, about the U.S. personal lines segment outlook, please visit http://www.ambest.com/v.asp?v=pcoutlook1218 .
To access AM Best’s market segment report on the U.S. commercial lines segment outlook, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=280767 .
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.