Premiums written up 22% in the second quarter year-over-year. The Progressive Corporation (NYSE: PGR) reported its total personal auto insurance policies in force were 21,541,600 in June, an increase of over 1.8 million or 9.6% from 19,658,300 in June 2023. June’s policies in force represent an increase of 290,000 or 1.4% from 21,252,100 in May. […]
Triple-I Reports Personal Auto Profitability Heading in the Right Direction
Personal auto insurance underwriting profitability appears to finally be headed in a positive direction after recent years of record underwriting losses, according to the Insurance Information Institute (Triple-I). “Auto insurers’ 2023 net combined ratio of 104.9 is 7.3 points better than 2022. Additionally, 2023 net written premium growth of 14.3% is the highest in over […]
U.S. Property and Casualty Insurers Projected to Have $21.1 Billion in Underwriting Losses Last Year
Verisk & APCIA estimate shows the industry facing continued challenges from natural catastrophe events, inflation. Verisk (NASDAQ: VRSK), the global data analytics and technology provider, and The American Property Casualty Insurance Association (APCIA), a national trade association for home, auto, and business insurers, today remarked on full-year 2023 losses for the insurance industry, which they […]
U.S. P/C Insurer Personal Lines Recovery to Drive Profitability in 2024
Combined ratio projected below 100% as revenue growth above historic levels. Property/casualty (P/C) insurance statutory earnings will materially improve in 2024 amid recovery in personal lines results and only modest deterioration in commercial lines underwriting, Fitch Ratings says. Personal lines underwriting losses should narrow considerably, particularly in auto and as natural catastrophe losses revert towards […]
Underwriting Losses Persist in US Property/Casualty Industry Total $21.2 Billion in 2023
The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in 2022, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, titled, First Look: 2023 US Property/Casualty Financial Results, and the data is derived […]
AM Best Reports U.S. Personal Auto Insurance Results Worsen as Claims Severity Rises
Following the worst year in the recent past for U.S. personal auto insurers, results continued to slide in the first half of 2023 as the segment posted a direct incurred loss ratio that was more than three percentage points above the one recorded in the same period of 2022, according to an AM Best report. […]
Auto Insurer Prospects Improving Amid Price Hikes and Moderating Loss Severity
Fitch Ratings finds improvements vary widely across companies as many still report underwriting losses. The U.S. personal auto insurer segment is seeing larger pricing actions take effect, with moderating claims severity setting the stage for segment improvement in 2024, based on personal auto segment public filings for the first nine months of 2023, Fitch Ratings […]
Inflation and High Catastrophe Losses Projected to Lead to Underwriting Loss for P&C Insurance
The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the […]
Allstate Reports Auto Physical Damage Loss Cost Increases Widespread Across U.S.
Implements Allstate brand auto insurance rate increases of approximately 8.3% since fourth quarter of 2021. The Allstate Corporation (NYSE: ALL) estimated catastrophe losses for the month of June totaled $356 million or $281 million, after-tax. June catastrophe losses included 10 events, primarily wind and hail in the Midwest, estimated at $315 million, plus unfavorable reserve […]
Report Says Car and Truck Insurers Confront Rapidly Rising Claims Costs
S&P Global Market Intelligence’s annual U.S. Auto Insurance Market Report projects combined ratio at 4-year high in 2021. Sharply higher costs to repair and replace vehicles will cause insurance companies’ underwriting profit margins to narrow significantly, projects S&P Global Market Intelligence’s annual US Auto Insurance Market Report. Published by S&P Global Market Intelligence’s Financial Institutions […]