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Underwriting Losses Persist in US Property/Casualty Industry Total $21.2 Billion in 2023

March 25, 2024 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Combined Ratio, Earnings, Property Casualty Insurance

AM Best Reports U.S. Personal Auto Insurance Results Worsen as Claims Severity Rises

December 11, 2023 By CollisionWeek Editor

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. […]

Filed Under: News Tagged With: A.M. Best, Claim Severity, Combined Ratio

Auto Insurer Prospects Improving Amid Price Hikes and Moderating Loss Severity

December 1, 2023 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Combined Ratio, Earnings, Fitch, Net Written Premiums

Inflation and High Catastrophe Losses Projected to Lead to Underwriting Loss for P&C Insurance

August 9, 2023 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Combined Ratio, Insurance Information Institute, Property Casualty Insurance

Allstate Reports Auto Physical Damage Loss Cost Increases Widespread Across U.S.

July 22, 2022 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Allstate, Combined Ratio, Premiums

Report Says Car and Truck Insurers Confront Rapidly Rising Claims Costs

October 4, 2021 By CollisionWeek Editor

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 […]

Filed Under: News Tagged With: Auto Insurance, Claims Severity, Combined Ratio

U.S. Property/Casualty Insurance Industry Sees Slight Decline in Net Income During First Half of 2019

October 15, 2019 By CollisionWeek Editor

Property Casualty Insurance Net Income First Half 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 […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Combined Ratio, Earnings, Property Casualty Insurance, Verisk

American Family Reports 107 Auto Combined Ratio in 2018

March 6, 2019 By CollisionWeek Editor

American Family reported its financial results for 2018. The insurer added $955 million to policyholder equity in 2018. This brings the group’s total equity to $9 billion, due largely to its merger with Florida-based mutual insurance company Main Street America, completed Oct. 31. American Family was not immune to drops in the financial markets as […]

Filed Under: News Tagged With: American Family, Combined Ratio, Earnings

S&P Market Intelligence Report Sees US Auto Insurance Industry Benefitting From Higher Premiums, Lower Losses

July 18, 2018 By CollisionWeek Editor

Combined Ratios by Line

While changing technology is a longer-term disruptive threat, rate increases will drive growth in the near term, according to S&P Global Market Intelligence report Auto insurance has accounted for more of the U.S. property and casualty (P&C) industry’s premium volume in recent years, with several rounds of loss-fueled rate increases accelerating premium volumes in the […]

Filed Under: News Tagged With: Auto Insurance, Combined Ratio, S&P Global Market Intelligence

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