Latest news with #www.ambest.com
Business Wire
13-05-2025
- Business
- Business Wire
AM Best to Participate at the 2025 Philippine Insurance Summit
SINGAPORE--(BUSINESS WIRE)-- AM Best 's Susan Tan, senior financial analyst, will speak at the Philippine Insurance Summit to be held 20 May 2025, in Makati City, Philippines. Tan is a Singapore-based analyst for AM Best and oversees a portfolio of rated insurers that operate in the Asia Pacific region. At the event, she will discuss AM Best's latest outlook on the Philippine non-life insurance segment. Additionally, Rob Curtis, managing director and chief executive officer, Asia Pacific, and Johnathan Wong, market development analyst, Asia Pacific, will be in attendance and available for meetings. To arrange a meeting with either Curtis or Wong to learn more about AM Best, its role in the insurance industry and the resources it offers to insurance professionals, including Best's Credit Ratings, please email or The insurance summit is a collaboration between The Insurance Institute for Asia and the Pacific (IIAP) and the Philippine Insurers and Reinsurers Association (PIRA). With the theme "Shaping the Future of Insurance: A Collaborative Path to Sustainability,' the daylong event will explore emerging trends, challenges and opportunities shaping the future of insurance. To view more details, please visit the event overview.
Yahoo
06-04-2025
- Business
- Yahoo
Best's Commentary: Japan Insurers See Growth Through Reinsurance, Acquisitions
HONG KONG, April 06, 2025--(BUSINESS WIRE)--As Japan's insurance market has shown limited growth potential due to a shrinking and aging population, domestic companies have increasingly looked to expand overseas, as discussed in a new AM Best commentary. In its new Best's Commentary, titled, "Japan Insurers See Growth Through Reinsurance, Acquisitions," AM Best states that Japan's insurers are taking advantage of growth opportunities in international markets, particularly in the United States, Australia and other developed economies to maintain long-term growth and diversify revenue streams. "U.S. insurers owned by Japanese companies have seen growth in direct premiums written the last four years, exceeding $68 billion in 2024," said Charles Chiang, senior financial analyst, AM Best. "This trend is likely to continue in light of recent deals such as Meiji Yasuda Life's acquisition of Legal & General's U.S. business or Nippon Life's recently announced acquisition of Resolution Life." Japan's insurance industry is highly consolidated, especially in the non-life segment with a few major companies dominating the market, which limits organic growth opportunities. Additionally, asset-intensive reinsurance (AIR) transactions have been gaining momentum in Japan's life insurance segment in recent years as companies look to improve capital efficiency and for better interest rate risk management. "AM Best expects large Japanese insurers to continue seeking growth opportunities overseas, and even in non-insurance areas, supported by their strong capital," said Chanyoung Lee, director, analytics, AM Best. "Additionally, Japan's life insurers are likely to expand reinsurance transactions as a long-term capital management strategy, while major non-life insurers also are likely to have more excess capital in the coming years by divesting their strategic equity holdings." To access the full copy of this commentary, please visit 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Charles Chiang Senior Financial Analyst +852 2827 3427 Chanyoung Lee Director, Analytics +852 2827 3404 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Cynthia Ang Senior Industry Research Analyst +65 6303 5026 Sign in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
Best's Market Segment Report: AM Best Maintains Stable Outlook on Panama's Insurance Industry
MEXICO CITY, March 27, 2025--(BUSINESS WIRE)--AM Best is maintaining its stable outlook on Panama's insurance industry, citing its growth and consistently profitable underwriting results, which are expected to continue as companies navigate challenges due to the adoption of IFRS 17. In its Best's Market Segment Report, "Market Segment Outlook: Panama Insurance," AM Best states that Panama's insurance industry expanded by nearly 10% in 2024, following growth of 11% in 2023, based on gross premiums written (GPW). Panama's insurance industry remains concentrated, with five companies accounting for more than 75% of the country's market share. With a combined ratio below 100, underwriting results remain healthy, consistent with the segment's historically sound performance; nevertheless, there are headwinds in acquisition costs stemming from reinsurance market hardening. "Strict curbs on operating expenses and claims continue to boost underwriting performance, with the industry's overall profitability still being supported by insurers' historically conservative investment strategies," said Salvador Smith, associate director, AM Best. "Furthermore, sound capital positions will help the segment withstand current economic pressures." According to the report, Panama's economic slowdown in recent years has been underpinned by ongoing challenges in its fiscal regime, pressured public finances owing to the government's significant dependence on Panama Canal revenue and material pension system imbalances due to depleting reserves. Disruptions in global commercial trade, coupled with climate change shocks that impacted the Panama Canal, ongoing turmoil in the mining industry and other potential external shocks, are headwinds for the region's shipping and logistics hub. Given the persistent challenges the industry faces, AM Best will continue to monitor carriers' performance. To access the full copy of this report, please visit 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Salvador Smith, CQFAssociate Director, Analytics +52 55 9085 7506 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
Best's Market Segment Report: AM Best Maintains Stable Outlook on Panama's Insurance Industry
MEXICO CITY, March 27, 2025--(BUSINESS WIRE)--AM Best is maintaining its stable outlook on Panama's insurance industry, citing its growth and consistently profitable underwriting results, which are expected to continue as companies navigate challenges due to the adoption of IFRS 17. In its Best's Market Segment Report, "Market Segment Outlook: Panama Insurance," AM Best states that Panama's insurance industry expanded by nearly 10% in 2024, following growth of 11% in 2023, based on gross premiums written (GPW). Panama's insurance industry remains concentrated, with five companies accounting for more than 75% of the country's market share. With a combined ratio below 100, underwriting results remain healthy, consistent with the segment's historically sound performance; nevertheless, there are headwinds in acquisition costs stemming from reinsurance market hardening. "Strict curbs on operating expenses and claims continue to boost underwriting performance, with the industry's overall profitability still being supported by insurers' historically conservative investment strategies," said Salvador Smith, associate director, AM Best. "Furthermore, sound capital positions will help the segment withstand current economic pressures." According to the report, Panama's economic slowdown in recent years has been underpinned by ongoing challenges in its fiscal regime, pressured public finances owing to the government's significant dependence on Panama Canal revenue and material pension system imbalances due to depleting reserves. Disruptions in global commercial trade, coupled with climate change shocks that impacted the Panama Canal, ongoing turmoil in the mining industry and other potential external shocks, are headwinds for the region's shipping and logistics hub. Given the persistent challenges the industry faces, AM Best will continue to monitor carriers' performance. To access the full copy of this report, please visit 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Salvador Smith, CQFAssociate Director, Analytics +52 55 9085 7506 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
18-02-2025
- Business
- Yahoo
Best's Market Segment Report: P&I Clubs Record High Free Reserves Despite Challenges on Technical Performance
AMSTERDAM, February 18, 2025--(BUSINESS WIRE)--After two years of relatively benign pool claims experience, an uptick in pool claims in 2024/25 will partially offset expected high investment returns for Protection and Indemnity (P&I) clubs, according to a new report from AM Best. In its new Best's Market Segment Report, "P&I Clubs: Record High Free Reserves Despite Challenges on Technical Performance" AM Best notes that high investment returns boosted free reserves to record high levels in 2023/24 and are expected to remain sizeable in 2024/25. However, the uptick in pool claims means that combined technical performance is expected to deteriorate for the 2024/25 year. The report also notes that further rate adjustments are expected at subsequent renewals to maintain underwriting discipline. AM Best considers the continuation of general increases to be necessary to maintain price adequacy in view of the expected deterioration in underwriting results in 2024/25 due to the notable increase in large claims frequency and severity. To access a complimentary copy of this market segment report, please visit AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts James Kenfack Financial Analyst +31 20 808 2272 Jose Berenguer Associate Director, Analytics +31 20 808 2276 Richard BanksDirector, Industry Research – EMEA +44 20 7397 0322 Edem Kuenyehia Director, Market Development & Communications +44 20 7397 0280
