Insurance News

Best upgrades edge out downgrades in 2008

Posted on: March 5, 2009

OLDWICK, N.J.—A.M. Best Co. Inc.’s rating upgrades barely outpaced downgrades for property/casualty insurers during 2008, continuing the upward trends of 2006 and 2007.

Though some property/casualty insurers were crippled by the combined effects of catastrophe losses and the financial downturn, Best reported Tuesday that rating upgrades for the year totaled 59, while downgrades totaled 57. In 2007, Best reported 87 upgrades and 43 downgrades among property/casualty insurers.

Upgrades in commercial lines outpaced downgrades 33-32, Oldwick, N.J.-based Best reported, adding that reinsurers saw one downgrade and one upgrade for the year.

Overall, Best rating changes were down to 20% of all ratings actions in 2008 from about 25% over the preceding four years.

Copyright © 2009 Crain Communications, Inc.

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