OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode, Raymond Thomson, director, and
Samuel Hanig, senior industry research analyst, AM Best, said
results for personal automobile insurers will in part depend on gas
prices, employment levels and medical costs. Click on http://www.ambest.com/v.asp?v=personalauto419
to view the entire program.
AM Best believes innovation is critical to insurers’ long-term success
and that they must use it to maintain market relevance. Thomson
addressed the issue of whether smaller market participants will be able
to keep up with larger ones.
“Today, the larger insurers are getting really technologically advanced
in the use of data in their analysis and pricing,” said Thomson. “This
promotes a challenge for smaller companies, but they can bring other
things to the table. Their localized knowledge and experience, as well
as value-added services, with the idea that you know your agent as
opposed to you know your computer. These are some of the things that can
keep the smaller automobile writers in the game.”
Hanig highlighted personal automobile insurers’ recent positive
performance and if the results are sustainable.
“The early indicators suggest that is going to be the case. Certainly,
2017 was a strong rebound year, and 2018, from the data that we have
seen so far, shows improvement as well. As long as insurers are current
and aware of their own data trends, as well as the macro-level trends
impacting their industry, they should be able to be preserve their
performance for at least the short term,” said Hanig.
To access a copy of this special report, titled, “Personal Auto Insurers
Regain Traction as Combined Ratio Improves,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=284058.
Recent AMBestTV episodes:
-
A Key to Underwriting Cyber Risk Is Getting the Right Data, Says
Panel: At RIMS, a panel examines the state of cyber risk modeling,
including how insurers are learning to deal with so-called silent
cyber and other developments: http://www.ambest.com/v.asp?v=cyberpanel419 -
Investors in Emerging Markets Are Embracing Political Risk
Coverage, Say Panel: At RIMS, a panel of political risk insurance
experts said private equity firms and other investors are increasing
their use of political risk insurance to protect their investments
across a range of regions: http://www.ambest.com/v.asp?v=politicalriskpanel419. -
Experts See Insurtechs as Enablers and Amazon as Potential
Disruptor, Says Panel: At RIMS, a panel of senior insurance
leaders said the industry would be wise to think about where Amazon
might enter the space, then figure out how to beat it there: http://www.ambest.com/v.asp?v=ceopanel419. -
‘You Cannot Underwrite Behind a Desk’, Says Risk Manager Panel’:
At RIMS, a panel of risk managers discuss how insurers must listen to
their clients: http://www.ambest.com/v.asp?v=riskmanagerspanel419.
AM BestTV covers exclusive AM Best and insurance
industry information and reports, targeted topics and key developments
in the insurance, reinsurance and related sectors daily. Sign up
for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html.
View AM BestTV episodes at http://www.ambest.tv.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Company, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
Contacts
Lee McDonald
Group Vice President, Publication and News
Services
+1 908 439 2200, ext. 5561
[email protected]
