2010 Special Report: Global Banking – Issue Review. Taxing Times for the Private Banking Industry: Having weathered the credit crunch with relative ease, the offshore private banking industry faces a different set of obstacles as a global crackdown on tax evasion has led to heavy pressure being exerted on so-called "tax havens." In this report, A.M. Best examines four key European jurisdictions: Andorra, Liechtenstein, San Marino and Switzerland.
Date: 2/1/2010 Source: Special Reports (PDF) Pages: 20
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2009 Special Report: Bermuda – Financial Review. Economic and Market Concerns Overshadow Strong 2009 Results: A.M. Best has reviewed the financial results of the Bermuda (re)insurance market and believes that although companies are strongly capitalized, management teams will face challenges during the current phase of the insurance cycle.
Date: 12/14/2009 Source: Special Reports (PDF) Pages: 12
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2009 Special Report: U.K. Banking – Issue Review. U.K. Banking: Boom & Bust, But Where to Next?: U.K. banks before 2007 were considered among the best run in the world. Two years later, the United Kingdom suffered its first bank run since1866. What went wrong and what does the future hold in the aftermath of the credit crisis?
Date: 11/23/2009 Source: Special Reports (PDF) Pages: 12
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2009 Special Report: Asia/Pacific Life & Non-Life – Review & Preview. Lower Interest Rates Shift Operating Environment for Region’s Insurers: While stock and bond markets around the globe are much improved in tone since March 2009, the industry in the Asia-Pacific region continues to face an extremely low-interest-rate environment, which has implications for both the life and non-life insurers.
Date: 11/16/2009 Source: Special Reports (PDF) Pages: 24
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Special Report 2009: Global Mutual Insurance -- Market Review. Mutuals Under the Microscope as Market Share Grows: A.M. Best’s in-depth analysis of mutuals within the Group of Seven countries and in a number of other key countries shows that while they have proven to be quite resilient during the economic downtown, they still face a wide range of diverse challenges.
Date: 10/5/2009 Source: Special Reports (PDF) Pages: 16
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2009 Special Report: U.S. Banking -- Issue Review. Proprietary A.M. Best Study Pinpoints Troubled U.S. Banks.: A significant rise in bank failures may just be ahead, based on A.M. Best research showing a large number of U.S. commercial banking institutions that could be categorized as troubled institutions. The current difficult economic environment could further increase the number of troubled banks on A.M. Best's list.
Date: 10/5/2009 Source: Special Reports (PDF) Pages: 4
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2009 Special Report: European Life & Non-Life – 2009 Review & Preview. Europe’s Insurers Challenged by Financial Crisis and Competition: While Western Europe’s non-life insurers were battered in 2008, the sector has demonstrated some resilience, partly due to its strong financial position going into the crisis. Insurers with life exposure are battling to repair balance sheets and boost capitalization levels in the aftermath of one of the worst years ever in the major markets.
Date: 9/28/2009 Source: Special Reports (PDF) Pages: 28
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2009 Special Report: U.K. Life – Review & Preview. Thawing Markets Reducing Pressure on U.K. Life Insurers: A.M. Best considers the U.K. life insurance industry’s current risk-based capitalization to be stable, having come through the worst part of the economic decline and market turbulence reduced, but not significantly weakened. By the first half of 2009, there were some signs of recovery, which mirror improvements seen in investment markets.
Date: 9/28/2009 Source: Special Reports (PDF) Pages: 8
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2009 Special Report: U.K. Non-Life – Review & Preview. Non-Life Margins Under Pressure, Despite Rate Increases: In light of the challenging operating environment, the U.K. non-life insurance market performed well in 2008. A.M. Best expects a solid overall performance in 2009, helped by the continued improvement in insurers’ risk management practices.
Date: 9/28/2009 Source: Special Reports (PDF) Pages: 8
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2009 Special Report: European Life & Non-Life – Financial Review. European Insurers Employ Derisking and Capital Deployment Initiatives to Improve Their Financial Strength:
European insurers reported varying first-half 2009 financial results. Some of the major groups still posted losses for the half year and recorded further erosion in their shareholders equity base.
Date: 9/21/2009 Source: Special Reports (PDF) Pages: 8
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2009 Special Report: Global Reinsurance – Market Review. Reinsurers Stay Afloat in Sinking Economy: A.M. Best is maintaining a stable outlook in 2009 for the global reinsurance sector, which implies that the majority of 2009 reinsurer rating actions are likely to be affirmations, with only a modest number of anticipated rating or outlook changes.
Date: 8/24/2009 Source: Special Reports (PDF) Pages: 12
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2009 Special Report: European Captive Insurance – Market Review. European Captives – a Growth Market During a Challenging Time?: With the European captive insurance market facing economic crisis, the introduction of the Solvency II directive is clearly the biggest hurdle in both the medium and long term. A.M Best believes some captives may close as they fail to comply with the new directive by the Oct. 31, 2012 deadline.
Date: 7/27/2009 Source: Special Reports (PDF) Pages: 12
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2009 Special Report: European Life & Non-Life – Issue Review. Financial Crisis Tests EU Reporting Standards: Since the adoption in 2005 of International Financial Reporting Standards, Phase I for publicly listed insurance companies in the European Union, A.M. Best believes very little has been achieved in terms of increased-border comparability and market-consistent measurements.
Date: 7/6/2009 Source: Special Reports (PDF) Pages: 12
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2009 Special Report: European Life & Non-Life – Financial Review. Economic Slump, Financial Crisis Hit Europe’s Insurance Industry: A.M. Best’s analysis of Europe’s 10 biggest insurance groups and top five reinsurers highlights a number of issues for the European insurance industry arising out of the current financial crisis.
Date: 5/14/2009 Source: Special Reports (PDF) Pages: 16
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2009 Special Report: U.K. & Europe Flood – Catastrophe Review. European Insurers Hope to Keep Flood Exposures at Bay: With property exposed to flooding increasing in terms of both the number of properties affected and their economic value, A.M. Best believes that, while there is scope for wider insurance coverage of flood losses, adaptation may be necessary to manage flooding risk in the short term.
Date: 4/27/2009 Source: Special Reports (PDF) Pages: 12
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2009 Special Report: European Solvency II – Issue Review. Financial Turmoil Poses Real-Life Stress Test for Solvency II Directive: In spite of the implied shortcomings of the Basel II standard, European insurance sector regulators and industry leaders are determined to progress with the Solvency II project and transition from Solvency I toward a risk-sensitive solvency regime.
Date: 1/26/2009 Source: Special Reports (PDF) Pages: 12
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2008 Special Report: European Life & Non-Life – Review & Preview. From West to East, Europe’s Insurers Face Stormy Life and Non-Life Markets: Non-life insurance premiums are flat or declining while claims costs are escalating in Western Europe’s major markets. Meanwhile, life insurers’ growth is threatened by turmoil in the credit and equity markets.
Date: 10/6/2008 Source: Special Reports (PDF) Pages: 24
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2008 Special Report: U.K. Non-Life – Review & Preview. Economic Climate May Ultimately Trigger a Turn in the Cycle: A.M. Best expects the non-life insurance market in the United Kingdom to return a good combined ratio in 2008, subject to the claims experience of the remainder of the year. The U.K. market has remained competitive, despite some evidence of rate increases in personal lines.
Date: 9/29/2008 Source: Special Reports (PDF) Pages: 8
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2008 Special Report: U.K. Life – Review & Preview. Capitalisation Under Pressure as Asset Values Decline: The life insurance industry in the United Kingdom is facing a tough year in 2008. While the industry has been largely free of subprime exposures, the decline in equity markets combined with the write-downs on bonds means that many companies face the possibility of reporting pretax losses and reduced capitalization.
Date: 9/29/2008 Source: Special Reports (PDF) Pages: 8
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2008 Special Report: Global Reinsurance – Market Review.Though Industry Balance Sheets Are Healthy, Challenges Abound: The global reinsurance sector should remain profitable in 2008, though A.M. Best believes results will reflect more accurately market trends as margins are expected to moderate.
Date: 9/8/2008 Source: Special Reports (PDF) Pages: 24
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