Best's Review Explores the Growth of the Residual Property Market

The June issue of Best’s Review examines how the impact of climate risk and severe weather events has reshaped the insurance industry, even causing homeowners to turn to the so-called insurers of last resort, FAIR Plans:

• “The Last Resort: As Private Insurers Exit High-Risk Areas, FAIR Plans Find Competitive Foothold” reports how homeowners are turning to the residual market because of the decline in availability of coverage, even though FAIR Plan policies may cost more and offer less coverage.
• “Colorado FAIR Plan Launches With Help From Plans Countrywide, Director Says” explains the state’s troubles and how its FAIR Plan aims to remedy them.
• “US Treasury’s FIO: Home Insurance Affordability, Availability Undermined by Climate Risks” looks at a recent report from the U.S. Department of the Treasury’s Federal Insurance Office and how industry groups are responding.
• “California Regulators Say Redrawn Wildfire Hazard Maps Will Protect Homes, Communities” explores how the California Department of Insurance wants to empower communities with more accurate information about the hazards faced by the state.

Also included:

• “Large Language Models Examine Rising U.S. Homeowners Rates” presents responses from three artificial intelligence large language models about the forces driving the increase in homeowners rates.
• “Largest European Insurers – 2025 Edition” ranks non-IFRS 17 companies by 2023 gross premiums written and IFRS 17 companies by 2023 insurance service revenue.

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best’s Review is available here.

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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 www.ambest.com.

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