Industry results show effects of COVID-19 according to Verisk and the APCIA. Net income for the private U.S. property/casualty insurance industry dropped 26% in the first half of 2020, as the effects of COVID-19 began to hurt insurer underwriting results and investment gains, according to Verisk (NASDAQ:VRSK), a leading data analytics provider, and the American […]
Property/Casualty Insurance Industry Surplus Declined $75.9 Billion in the First Quarter
Downturn in stock market in face of pandemic hits insurer investments. Net written premiums were up in calm before the storm. The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to Verisk (NASDAQ:VRSK), the […]
America’s Recovery Fund Coalition Reiterates Call for Congress to Assist Business
Today, America’s Recovery Fund Coalition (ARFC) launched a national Going Out of Business advocacy campaign highlighting the bleak economic landscape created by COVID-19, emphasizing the need for Congress to immediately create a Recovery Fund. “It is time to accept our shared economic reality: America’s recovery will be long, slow, and, without further fiscal support from […]
Collision Repair and Insurance Associations Join with Over 100 Trade and Business Groups to Advocate for Additional Federal Grants
The Automotive Service Association (ASA), the Society of Collision Repair Specialists (SCRS), the American Property Casualty Insurance Association (APCIA) as well as groups representing insurance agents, joined with more than 100 trade associations and business organizations spanning 30 business sectors and representing 58 million employees, fully 45 percent of the American workforce, to announce the […]
Property/Casualty Insurers Report Solid Results in 2019
Industry expected to face challenges this year due to COVID-19. The private U.S. property/casualty insurance industry had solid results in 2019, with increases in net income, underwriting gains, and policyholders’ surplus, but faces considerable challenges in 2020 as the effects of the COVID-19 pandemic unfold, according to Verisk (NASDAQ:VRSK), a data analytics provider, and the […]
Property/Casualty Insurers Report Increase in Net Underwriting Gains in First 9 Months of 2019
Net income shows small decline, but industry has record Surplus of over $70 billion. The private U.S. property/casualty insurance industry saw its net underwriting gains increase to $5.4 billion in the first nine months of 2019 from $4.7 billion a year earlier, bolstered by growth in premiums and a drop in catastrophe losses, and its […]
U.S. Property/Casualty Insurance Industry Sees Slight Decline in Net Income During First Half of 2019
Surplus sets new record as stock market recovers from downturn. Private U.S. property/casualty insurers’ net income after taxes and underwriting gains remained strong despite small declines compared with the prior year, according to Verisk (NASDAQ:VRSK) and the American Property Casualty Insurance Association (APCIA). Net income after taxes declined to $32.8 billion for the first half […]
P/C Insurers Report Strong First-Quarter Underwriting Results
Net written premiums down for first time since Great Recession. Private U.S. property/casualty insurers’ profitability as measured by their annualized rate of return on average policyholders’ surplus increased to 9.4 percent, the best first-quarter result since 10.8 percent in 2015, according to Verisk (NASDAQ:VRSK), the data analytics provider, and the American Property Casualty Insurance Association […]
Automotive OEM and Aftermarket Associations Relieved Over Suspension of Mexico Tariff Threat
Auto industry and insurers already concerned about impact of tariffs on parts prices were concerned Mexico tariffs would have had enormous impact on costs and ultimately premiums. Several automotive industry association expressed relief that the U.S. and Mexico reached an agreement last week to remove the threat of U.S. tariffs on products from Mexico. The […]
U.S. Property-Casualty Insurers Report 66% Increase in Net Income in 2018
Results driven by growth in premiums and decline in catastrophe losses. Private U.S. property/casualty insurers saw their net income after taxes rise to $60 billion in 2018 from $36.1 billion in 2017—a 66.3 percent increase—helped by double-digit premium growth and a significant decline in catastrophe losses, according to Verisk (NASDAQ:VRSK) and the American Property Casualty […]