A.M. BestTV: Insurers See Profitable But Shifting Program Sector

OLDWICK, N.J.--()--In this A.M.BestTV episode, attendees at the Target Markets Program Administrators Association's 2017 Mid-Year Meeting in Washington, D.C., said the sector remains profitable and attractive, and opportunities are emerging as program managers shift carrier relationships. Click on http://www.ambest.com/v.asp?v=tmpaa517 to view the entire program.

“Today, the program business is growing faster than any other sector in the commercial insurance market,” said Jack Russell, senior vice president, Brokerage & Program Distribution, Allianz. “It is more profitable, and the retention rate is higher. This provides a good dynamic to engage customers, by delivering to them profitability and building a five- to 10-year relationship.”

Erica Davis, senior vice president, Zurich North America, addressed the cyber risk problem.

“The program business is particularly attractive to cyber space, which is under-penetrated. Organizations need to have options available to them. This is important, since the insurance industry must not create a one-size-fits-all approach to having an insurance solution to cyber risk,” she said.

Other people that appear in this episode:

  • John Solari, president, Glatfelter Underwriting Services;
  • Richard Suter, Divisional senior vice president, Great American Insurance Group; and
  • Jimmy Curcio, vice president, Munich Re America.

Recent episodes of A.M.BestTV include:

  • Analytics: Cyber Threats Gain in Strength: A.M. Best Senior Financial Analyst Fred Eslami discusses the implications of the recent WannaCry ransomware attack and what it means for insurers going forward: http://www.ambest.com/v.asp?v=ransomware517.
  • Challenge to Life Settlements Sector Is Product Flow, Says CEO of The Lifeline Program: Scott Page, president and chief executive officer, The Lifeline Program, said life settlements have matured as an investment category to the point where investor interest is outstripping supply of life policies: http://www.ambest.com/v.asp?v=page217.
  • From Little Sparks Big Losses Grow Says Pennsylvania Lumbermens’ Senior Vice President: Stephan Firko, senior vice president, Pennsylvania Lumbermens Mutual Insurance Company, said the scope of risks for lumber businesses continues to expand, but the original risk of spectacular fire remains: http://www.ambest.com/v.asp?v=firko517.
  • Insurance Merger & Acquisition Activity Aids Consolidation in Europe and Diversification in London: Anthony Silverman, senior financial analyst, A.M. Best, reviews a new Best’s Special Report, which looks at insurance merger and acquisition (M&A) activity trends in Europe: http://www.ambest.com/v.asp?v=europeanma517.

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

Copyright © 2017 by A.M. Best Company, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald, +1-908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com