OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Maurice Thomas, senior financial analyst, and Bobby Skrabal, industry analyst, A.M. Best, said many U.S. homeowners’ insurers have become less dominant in many markets as companies have become more selective and specialized in their pursuits. Click on http://www.ambest.com/v.asp?v=homeowners718 to view the entire program.
U.S. homeowners’ insurers report that the industry overall was able to manage through the catastrophe-heavy year of 2017.
“These catastrophes really drove losses in 2017,” said Skrabal. “However, homeowners' insurers are well capitalized and are able to absorb these losses. … A.M. Best has a stable outlook on this sector.”
Thomas highlighted how homeowners’ writers are doing in pricing and interfacing with consumers through new forms of technology.
“For homeowners' carriers, accuracy in pricing is a little bit more difficult because homeowners' characteristics are less homogeneous in nature. As a result, homeowners’ carriers, in recent years, started to invest more in utilization of data analytics to improve pricing integrity. Greater access to data sources and more widely accepted or adopted by-peril pricing and credit scoring all have in many ways leveraged the playing field within the homeowners' marketplace,” said Thomas.
To access a copy of this market segment report, titled, “Homeowners Insurers Endured Major 2017 Catastrophes,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=274869.
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