A.M.BestTV: ‘First Monday’: U.S. Automobile Insurance Model Transforming

OLDWICK, N.J.--()--This second of four “First Monday” episodes explores the U.S. automobile insurance industry, as A.M. Best Vice President Richard Attanasio discusses how usage-based data and advances in automobile technologies are driving sweeping changes in the U.S. personal automobile insurance sector. Click on http://www.ambest.com/v.asp?v=fmauto415 to view the video program. The remaining “First Monday’ episodes will focus on how a federal budget change has left the collectability of risk-corridor payments uncertain for U.S. health insurers and a look at the industry-wide wave of mergers and acquisitions. “First Monday” is A.M. Best’s monthly program featuring commentary by the company's leading analysts.

How carriers are behaving with the advancements in automobile technologies is just one of the issues Attanasio addresses. “Over the last decade, crash avoidance systems, safety technology and better enforcement have had a pretty material impact and really benefited performance in the automobile line,” said Attanasio. “There has only been a modest offset by medical inflation increases, along with the cost to fix these new vehicles.”

Attanasio also spoke to what A.M. Best believes to be the future for the industry. “Companies with an adaptable long-term view are going to be well prepared, because of their usage of bundling of products, streamlining processes and increasing efficiencies and scales.”

Recent episodes of A.M.BestTV include:

  • ‘First Monday’: Legacy Variable Annuity Blocks Pressure Insurers: A.M. Best Assistant Vice President Rosemarie Mirabella says legacy variable annuity blocks remain a concern due to rich guarantees and lapse-rate risks: http://www.ambest.com/v.asp?v=fmannuities415
  • Insurers Uncover New Opportunity in Old Data: A new report that explores emerging opportunities for insurers by focusing more intently on the data they already have to better identify and service customers and prospects: http://www.ambest.com/v.asp?v=data415.
  • Lloyd’s North America President Hank Watkins: Syndicate Consolidation Creates Opportunity: Hank Watkins, president of Lloyd’s North America, explains how consolidation among Lloyd’s syndicates is not a threat to the world’s oldest insurance market: http://www.ambest.com/v.asp?v=watkins315.
  • Treasury Secretary Says Firms Can Challenge and Exit Systemically Important Financial Institution Designation: At a recent U.S. Senate hearing, U.S. Treasury Secretary Jack Lew told U.S. lawmakers that being designated a Systemically Important Financial Institution does not have to be permanent: http://www.ambest.com/v.asp?v=fsoc315.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com