Underwriting loss driven by increase in non-catastrophe losses from several lines, including personal auto. Private U.S. property/casualty insurers saw a $5.6 billion net underwriting loss in the first nine months of 2021, as non-catastrophe losses returned to pre-pandemic levels, according to a report by Verisk (NASDAQ:VRSK), the global data analytics provider, and the American Property […]
Most Profitable States for Auto Insurers in 2020
While the pandemic caused an upheaval in the auto physical damage insurance market and carriers rebated premiums, many states were more profitable for insurers during 2020 than before the pandemic. The latest data from the National Association of Insurance Commissioners (NAIC) illustrates how the first year impacted by the COVID-19 pandemic increased profits for private […]
Property & Casualty Insurers’ Q1 Net Income Grows as Profitability Ratios Worsen
U.S. industry notches strong first quarter, but catastrophes hamper underwriting performance, according to Verisk and APCIA Private property/casualty insurers in the United States saw their net income after taxes increase in the first quarter of 2021 from a year earlier, while their combined ratio – a key measure of underwriting profitability – worsened, according to […]
Property/Casualty Underwriting Profits Projected to Continue in 2021
Insurance Information Institute and Milliman project industry combined ratio of 99, virtually the same as 2020. Property/casualty insurers are projected to continue to post slight underwriting profits in 2021, according to a forecast by the Insurance Information Institute (Triple-I) and Milliman. The forecast projects a 2021 combined ratio of 99, virtually the same as last […]
Property & Casualty Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020
Pandemic and record number of catastrophes in the United States impact insurance industry. In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk (NASDAQ:VRSK), a leading global data analytics […]
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 […]
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 […]
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 […]
P/C Insurers Report $4.7B Net Underwriting Gain for the First Nine-Months of 2018
Increase marks sharp turnaround from $21 billion net underwriting loss a year earlier. Private U.S. property/casualty insurers reported a $4.7 billion net underwriting gain in nine-months 2018, a sharp turnaround from a $21.0 billion net underwriting loss a year earlier, helped by a rare decline in overall losses and loss adjustment expenses (LLAE) and significant […]