BestWeek: Wildfire Losses Set to Increase Industry’s Catastrophe Woes, A.M. Best Report Finds

Business Editors/Insurance Writers

OLDWICK, N.J.--(BUSINESS WIRE)--July 18, 2008--After nearly $2 billion in claims from the Southern California wildfires in 2007, the insurance industry faces the prospect of another rough wildfire season and escalating losses in the years to come, according to a new special report featured in BestWeek U.S./Canada.

Across the nation, the past two wildfire seasons have been the most severe on record and larger fires are more frequent.

Also, in BestWeek U.S./Canada:

-- Five new statistical studies rank the top 50 U.S. life groups.

-- A battle between state insurance regulators and federal securities regulators is certain to unfold in the coming weeks centering on the U.S. Securities & Exchange Commission’s proposed rule that could redefine many equity-indexed annuities as securities.

And in both editions of BestWeek:

As of the close of the U.S. market on Thursday, July 17, the AMBG stood at 1015.50, a one-week decrease of 0.68%.

BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, please call A.M. Best’s customer service department at (908) 439-2200, ext. 5742, or e-mail your request to [email protected].

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.