A look at statistics showing how the insurance industry fared in consumer class action settlements.
OLDWICK, N.J.--(BUSINESS WIRE)--
The workers’ compensation industry is continuing a downward underwriting
performance trend and hasn’t yet shown signs of pulling out of it,
according to new statistical analysis by A.M. Best Co. in this
week’s BestWeek U.S./Canada.
As the wider property/casualty sector has begun to rebuild along with
the slowly recovering U.S. economy, workers’ comp hasn’t. It had strong
years going into 2005 and 2006, according to the A.M. Best special
report, “U.S. Workers’ Compensation — 2009 Market Review,” but the past
three years have seen a steady decline in premiums, affecting all 50
Also in BestWeek, if U.S.-based Prudential Financial Inc.’s
acquisition of two Japanese life insurance companies of American
International Group Inc. is cleared, it could become the largest foreign
life insurance company in Japan based on in-force life insurance.
Prudential, the second biggest U.S. life insurer, said it would buy AIG
Star Life Insurance Co. Ltd. and AIG Edison Life Insurance Co. from AIG
for $4.8 billion. Prudential would be the largest foreign life insurance
company in Japan based on in-force life insurance, Steven Schwartz, an
equity analyst with Raymond James, told BestWeek.
In addition, BestWeek includes an exclusive interview with
Bermuda’s top insurance regulator, who said one silver lining of the
financial crisis is its improved communication among regulators. “It’s
important for regulators to be coordinated. It’s important for
regulators to be sharing information. It’s important for regulators to
have a common base in terms of the evaluation of a company,” said Jeremy
Cox, chief executive officer of the Bermuda Monetary Authority. The
coverage also features a video interview with Cox.
BestWeek is published by A.M. Best Co. for insurance
professionals. To subscribe, visit http://www.ambest.com/sales/BestWeek.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.Caroline Saucer, 908-439-2200, ext. email@example.com
Source: A.M. Best Co.