AM Best: Homeowners Premiums Driving Growth in Mutuals (AM BestTV)

OLDWICK, N.J.–([1])–In this episode of AMBestTV, Chris Jackson, financial analyst, AM Best, said homeowners insurance premiums for mutual property/casualty insurers in 2019 grew considerably, with a substantial increase in policyholder dividends so far in 2020. Click on http://www.ambest.com/v.asp?v=ambmutuals1020[2] to view the entire program.

Jackson discusses premium rebates and refunds by AM Best-rated U.S. property/casualty and mutual insurance companies amid the COVID-19 pandemic.

“This year, we have seen about several billion dollars more paid by mutual insurance companies out of policyholder dividends than in the first half of 2019,” said Jackson. “What you see is an industry that is reacting in the way that it is built: to serve its policyholders. When they have a sudden surplus of money that they got from the lower exposure of people going outside, or recurring losses and other factors, their priority is to return that money to the customers.”

Overall premiums grew modestly in 2019, but Jackson noted that the homeowners insurance line of business saw a considerable uptick.

“The biggest driver was the homeowners multi-peril line. It grew almost $3 billion over the previous year. The commercial lines also provided somewhat less of a boost, but they contributed as well,” said Jackson. He also said that the biggest contributor to surplus growth was the unrealized capital gains, which was about $20 billion of growth in 2019.

To access the related market segment report, titled, “U.S. Mutuals’ Strong Balance Sheets at the Fore Amid Pandemic,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=301305[3].

Recent AMBestTV coverage includes:

  • AM Best: Title Insurers’ Fate Tied to U.S. Housing Market: AM Best analysts discuss how the U.S. title insurance industry and the housing market have been resilient during the pandemic: http://www.ambest.com/v.asp?v=ambtitleeslamimodica1020[4].
  • Pandemic Sparks More Thoughtful Open Enrollment: Employees are expected to take more time to consider their benefit options this year, said Matthew Owenby, chief human resources officer, Aflac: http://www.ambest.com/v.asp?v=owenby1020[5].
  • Nurses Could Face Additional Liability Claims From COVID-19 Care: The scope of legal immunity offered by some states has not been tested yet, said Jennifer Flynn, Nurses Service Organization risk manager, Aon’s Affinity Insurance Services: http://www.ambest.com/v.asp?v=nurseliability1020[6].
  • Consumers Shopping More for Insurance During Tough Economic Times: From claims handling to vehicle mileage, no single event has impacted insurers as much as the COVID-19 pandemic, said panelists on an AMBestTV webinar: http://www.ambest.com/v.asp?v=covidrecut920[7].

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at www.ambest.com/multimedia/ambtvsignup.html[8]. View AM BestTV episodes at www.ambest.tv[9].

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 www.ambest.com[10].

Copyright © 2020 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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