Best's Review

AM BEST'S MONTHLY INSURANCE MAGAZINE



From the Editor’s Desk
The Road Less Taken: Insurers and Brokers Find Growth in Specialization

The November issue also includes coverage of developments with workers’ compensation and homeowners insurance.
  • Patricia Vowinkel
  • November 2022

In an increasingly complex world where new technologies can quickly transform an industry, insurers, brokers and delegated underwriting authority enterprises are moving away from a one-size-fits-all approach.

“Specialization allows agents, brokers and MGAs to set themselves apart from their competitors, far beyond the table stakes,” said Richard Augustyn, founder and chief executive officer of NIP Group.

Augustyn was a participant in the three-part special presentation “Succeeding in the New Age of Specialty Coverage,” a joint effort by AM Best TV and Best's Review.

In the presentation, which aired on AM Best TV in October, industry experts discussed the specialty markets and what it takes to succeed.

The presentation includes three panels: “Making the Move From Generalist to Specialist”; “Prospecting for the Next Great Risk Opportunity”; and “With Specialization Comes Responsibility.”

The November issue also includes coverage of workers' compensation insurance and examines the state of property markets in coastal regions of the United States.

In “Top Workers' Comp Ranks See Movement Upon Emerging From COVID Unemployment Spike,” Best's Review examines a ranking of the top workers' comp insurers.

The Florida homeowners insurance market has been facing challenging conditions for some time. With litigation costs escalating, several insurers have gone insolvent so far this year. And this was before Hurricane Ian.

Florida has been the focus of much industry attention. But homeowners markets in other coastal regions also have faced challenges. In “Severe Weather in Coastal States Presents Big Challenges in Hardening Homeowners Market,” Best's Review examines conditions in states such as Louisiana, South Carolina and Texas.

In Louisiana, for instance, insurers suffered heavy losses last year from Hurricane Ida. South Carolina avoided the brunt of Ian's wrath, but nevertheless insurers had some losses.

For more about the Florida market, also see “AM Best: Florida Specialists Cede a Growing Amount of Premium to Reinsurers.”

In “Insurers Submit Florida Homeowners Multiperil Filings in First Nine Months of 2022,” Best's Review examines rate filings for Florida homeowners multiperil coverage in the months preceding Hurricane Ian.

In the life insurance sector, Best's Review examines the impact of rising rates on product offerings. To find out more, go to “Rising Interest Rates Sure to Bring Shifts to In-Force Life and Annuity Products.”

The Best's Rankings in this issue include a ranking of the top homeowners insurers, workers' comp insurers and property/casualty asset distribution. The November issue also includes a corrected version of the Top 50 Global Reinsurers. The original ranking ran in the September issue.

In this issue, Best's Review also launches a new feature highlighting information about Best's Insurance Professional Resources.


Patricia Vowinkel, Executive Editor, patricia.vowinkel@ambest.com



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