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 […]
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 […]
American Family Reports 107 Auto Combined Ratio in 2018
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 […]