Best’s Market Segment Report: Surplus Lines Insurers Push Through Various Headwinds to Enhance Growth
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The Best's Market Segment Report, "Surplus Lines Push Through Various Headwinds to Enhance Growth," states that the surplus lines market growth was up notably from just under 3% in each of the two preceding years. Direct premiums remain a key metric for identifying companies actively competing in the market, as it captures the impact of rate increases and writing new business. Growth was constrained somewhat by competitive pressures, including pressure stemming from traditional surplus lines business written by admitted companies. Lloyd's and non-Lloyd's regulated alien insurers generated the largest percentage of direct premium growth, at 7.5% and 7.6%, respectively, and these increases mainly drove the overall 2017 market growth.
Weather-related losses led
Consolidation among surplus lines insurers continued to impact market competition in 2017.
For most lines of business-other than the property catastrophe and automobile/transportation lines-competitive market pressures, spurred by a wealth of available capacity, appear to be escalating. The task of competing at the highest level in the surplus lines and specialty market likely will become more difficult for companies that lack the necessary scale, diversification, value proposition or brand recognition to excel. Those companies that do not use available innovations such as predictive analytics as effectively as other competitors do also run the risk of falling behind their competitors. Still, the ability to operate profitably despite tough market conditions and other challenges leads
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=278125.
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