OLDWICK, N.J.--(BUSINESS WIRE)--November’s Best’s Review features a 17-page story package focusing on the U.S. and U.K. homeowners insurance market. The lead story, “Regional Pressure,” takes a look at how a difficult economy and rising catastrophe costs are weighing on homeowners insurers’ pricing strategies.
“We’ve got to start questioning our pricing, our deductible strategy, our policy conditions, our current predictive models and really the area where we choose to write business.”
“We’re seeing across the board where some companies are taking some pretty aggressive rate increases on homeowners,” A.M. Best Assistant Vice President Jeff Mango said.
State Auto Financial encountered a geographic concentration of losses during a storm-tossed second quarter. The insurer reported 32,000 claims that were nearly double the previous quarterly record of 17,000 claims. Joel Brown, vice president of standard lines for State Auto said, “We’ve got to start questioning our pricing, our deductible strategy, our policy conditions, our current predictive models and really the area where we choose to write business.”
The special homeowners insurance issue also includes:
• A.M. Best rankings of U.S. homeowners insurers;
• How U.K. insurers are handling a rise in flood claims;
• A look at whether the National Flood Insurance Program should be bailed out or swapped out in favor of a public/private partnership.
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The November issue also includes a look at how life insurers are ramping up advertising spending and what benefits brokers and insurers are doing to reach out to their multicultural customers.
Best’s Review is published by the A.M. Best Co., for insurance professionals, including home office executives, agents, brokers and others affiliated with the industry.
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