Published:
BestWeek: Competition Among Insurance Domiciles Heats Up
OLDWICK, N.J. - (BUSINESS WIRE) - Competition among domiciles is heating up as many countries and U.S.
states vie to host insurance companies and their related business,
according to the Nov. 2 BestWeek U.S./Canada. Regulating insurers
is a good business for governments. Insurance business brings jobs
without pollution and boosts tax revenue. In 2007, Vermont, the top
captive domicile in the United States, and third-largest in the world,
said its busy captive market brought in just about as much revenue as
the state lottery.
In BestWeek Europe, over the past two decades, the number of
captives around the world has almost doubled, growing from 2,535 in 1989
to 5,211 at year-end 2008. Guernsey's position in the global captive
marketplace is well established. The island is home to nearly all of the
protected cell companies in Europe, BestWeek reports.
And in BestWeek U.S./Canada, capital and surplus for the top 25
U.S. health writers - comprised mainly of nonprofit Blue Cross Blue
Shield companies - declined 11.6% to $46.1 billion at year-end 2008, an A.M.
Best Statistical Study shows. For the total U.S. health and health
maintenance organization industry, capital and surplus dropped 7.6% to
$95.5 billion.
The study was based only on data from companies that file a National
Association of Insurance Commissioners' health annual statement, which
is filed with state regulators, said Richard F. Kirk, senior business
information analyst with A.M. Best.
BestWeek is published by A.M. Best Co. for insurance
professionals. To subscribe, visit www.ambest.com/sales/BestWeek.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
A.M. Best Company
Caroline Saucer, 908-439-2200, ext. 5774
caroline.saucer@ambest.com
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