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.
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