Insurance executives who have moved from established carriers to insurtech start-ups advise others to be prepared for much shorter time horizons and an emphasis on self-reliance and agility.
The announcement of a new $787 million agreement-in-principle by Hartford Financial Services with the Boy Scouts to settle decades of sex abuse claims advances the potential for insurers to close the book on claims that could otherwise cost them billions, said observers.
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AM Best Webinar: Mutual Insurers Sharpened Their Strategies Amid COVID-19
The COVID-19 pandemic and its market challenges have forced U.S. mutual insurers to adapt to changing conditions and expect the unexpected, according to market experts.
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Insurtech Bestow Acquires Centurion Life
Insurtech Bestow Inc. has completed its acquisition of Centurion Life Insurance Co., becoming the first life insurtech with a national reach, said co-founder and Chief Executive Officer Melbourne O’Banion.
Best’s Market Segment Report: Canada’s P/C Insurance Segment Resilient Against Pandemic; L/A Outlook Back to Stable
Canada insurance companies’ ability to absorb the volatility caused by the pandemic has led AM Best to maintain its stable outlook on the country’s property/casualty segment and revise its life/annuity outlook back to stable from negative. Additionally, according to AM Best’s annual review of Canada’s insurance industry, short- to medium-term economic prospects are positive, with government measures likely to cushion any future jolts.
Best’s Market Segment Report: With Expanding Opportunities, U.S. Surplus Lines Industry Posts Largest Annual Premium Growth
The U.S. surplus lines market experienced direct premium growth of 17.5% in 2020, representing the largest year-over-year premium increase since 2003, according to a new AM Best report.
Best’s Market Segment Report: COVID-19 Forges Double-Edged Sword for U.S. Property/Casualty Mutual Insurers
Despite significant returns of premiums during the pandemic in 2020, rated U.S. property/casualty mutual insurance companies still managed to grow premium modestly, according to a new AM Best report.