-

Best's Review Examines U.S. Private Passenger Auto Insurers That Bucked Broader Industry Trends

OLDWICK, N.J.--(BUSINESS WIRE)--In the October issue, Best’s Review reports on private passenger auto insurers. At press time, AM Best’s outlook for the U.S. personal auto segment remains at Negative. Factors cited include rising loss severity caused by growing costs to repair newer vehicles; higher used-car prices; supply chain and labor market challenges; and medical costs, which continue to increase.

Some insurers—large companies like Berkshire Hathaway and Progressive, for instance—are seeing success, even in markets that are complicated by slow rate approvals, increasing litigation and rising claims costs. But there are also some smaller insurers that have been turning a profit consistently in personal auto for several years. Learn more about them in our recent article, “Finding the Fast Lane: Pricing Helps Auto Insurers Navigate Roadblocks to Profitability in Difficult Market.”

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. The complete content of Best’s Review is available here.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com

Industry:

AM Best

Release Versions
English

Contacts

Patricia Vowinkel
Executive Editor, Best’s Review®
+1 908 882 1771
patricia.vowinkel@ambest.com

More News From AM Best

AM Best Downgrades and Withdraws Credit Ratings of Trust Insurance JSC

LONDON--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating to C- (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating to “ccc-” (Weak) from “b-” (Marginal) of Trust Insurance JSC (Trust Insurance) (Uzbekistan). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process. The ratings reflect Trust Insurance’s balance sheet str...

AM Best Comments on Credit Ratings of Guild Insurance Limited

SINGAPORE--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Guild Insurance Limited (GIL) (Australia) remain unchanged following the announcement of its new strategic partnership with EML Group, comprising Employers Mutual Limited and ASWIG Management Pty Ltd., as trustee for the ASWIG Management Trust, on behalf of its underlying investor shareholders. Under the terms of the transaction, wh...

Best’s Special Report: US Property/Casualty Impairments in 2024 Fell Sharply

OLDWICK, N.J.--(BUSINESS WIRE)--One U.S. property/casualty company became impaired in 2024, compared with 13 in the previous year, according to an AM Best report. The report, titled, “2024 US Property/Casualty Impairments Update,” states that the lone 2024 insurance company impairment was a small automobile physical damage-only carrier geographically concentrated in the Chicago, IL, metropolitan area. It had ceased transacting new or renewal business in 2022; the final policy expired in April 2...
Back to Newsroom