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 […]
Auto Physical Damage Insurance Underwriting Profit Up in 2017
The latest statistics from the National Association of Insurance Commissioners indicates that the private passenger auto physical damage insurance returned to profit in 2017. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2017, released this month, showed some improvement in private passenger auto physical damage (APD) […]
Property/Casualty Insurance Industry’s Net Income Doubles in First-Quarter
With lower catastrophe losses, insurers saw net income increase to $17.1 billion. Private U.S. property/casualty insurers saw their net income after taxes more than double to $17.1 billion in first-quarter 2018 from $7.9 billion in first-quarter 2017, helped by lower catastrophe losses and increased reserve releases, according to ISO, a Verisk (Nasdaq:VRSK) business, and the […]
A.M. Best Projects Property/Casualty Insurance 2017 Underwriting Loss of $29 Billion
A.M. Best expects the U.S. property/casualty (P/C) industry to post a second consecutive underwriting loss in 2017, driven mainly by catastrophe losses. As a result, the industry 2017 combined ratio is estimated to deteriorate to 105.1 from 100.9 in the previous year, according to A.M. Best’s 2018 Review/Preview special report on the P/C industry. The […]
AM Best Reports Personal Auto Insurance Underwriting Profitability Performed Better in 2017
The underwriting profitability of the U.S. personal auto line showed signs of improvement in 2017 as rate hikes have been effective against loss frequency and severity trends, according to a new A.M. Best report. The combined ratio for the U.S. private passenger standard auto composite (companies with private passenger auto net premiums written that constitute […]
U.S. Property/Casualty Insurance Industry Reports $22.4 Billion Net Income
Net income dropped 30.3 Percent in first nine months of 2017 following hurricanes and other catastrophe losses. The private U.S. property/casualty insurance industry saw its net income after taxes drop to $22.4 billion in the first nine-months of 2017 from $32.1 billion in the first nine-months of 2016-a 30.3 percent decline-and its overall profitability as […]
Auto Physical Damage Insurance Underwriting Profit Continues to Decline in the U.S.
The latest statistics from the National Association of Insurance Commissioners indicates that the percentage of premiums going to pay losses has continued to increase. Private passenger physical damage insurance turned to a loss in 2016. Data contained in the National Association of Insurance Commissioners (NAIC) report on profitability by insurance line in 2016, released this […]
A.M. Best Projects 2016 Profitability Slides as Growth Slows and Competition Intensifies for U.S. P/C Insurers
A.M. Best expects that higher catastrophe losses, competitive market conditions and automobile liability challenges will result in an underwriting loss in 2016 for the U.S. property/casualty (P/C) insurance industry, its first such loss since 2012, according to a new A.M. Best special report. On January 25, CollisionWeek reported that private U.S. P/C insurers suffered a $1.7 […]