Verisk and APCIA report that investment gains and pricing in 2024 offset some impacts driven by severe catastrophic events. Verisk (NASDAQ: VRSK), the global data analytics and technology provider, and The American Property Casualty Insurance Association (APCIA), the primary national trade association for home, auto and business insurers, reported full-year 2024 net income for the […]
US Property/Casualty Industry Swings to Underwriting Profit of $22.9 Billion in 2024
Result marks first gain in four years. The U.S. property/casualty (P/C) industry recorded a $22.9 billion net underwriting gain in 2024, signifying the segment’s first underwriting profit since 2020, and marking a substantial swing from the $21.3 billion loss recorded in the prior year, according to a new AM Best report. These preliminary results are […]
AM Best Places Stable Outlook on U.S. Personal Lines Insurance Segment as Auto Insurance Market Improves
Regulatory approvals of insurance premium rate increases helping market recover. AM Best has revised its outlook to stable from negative for the U.S. personal lines insurance segment for 2025, which corresponds with a change to the personal auto outlook. The shift in the personal lines segment outlook cites improved rate and pricing conditions, particularly in […]
U.S. Property/Casualty Industry Records $3.8 Billion Underwriting Gain in First-Half 2024
The U.S. property/casualty (P/C) industry recorded a $3.8 billion net underwriting gain in the first half of 2024, a significant improvement from the $24.0 billion loss recorded in the same prior-year period, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2024 […]
Property/Casualty Insurance Strong Results Driven by Personal Auto Turnaround
Fitch Ratings reports improvements in Property/Casualty insurers’ mid-year 2024 results in North America. The mid-year 2024 GAAP financial results for 41 North American property/casualty (p/c) (re)insurers reveals very strong operating returns across sectors, driven by improved underwriting results and higher investment income, Fitch Ratings says in a new report. Double-digit operating return on common equity […]
US Property/Casualty Industry Suffered Second-Straight Year of $20 Billion-Plus Underwriting Losses in 2023
AM Best special report says P/C insurers’ underwriting loss was over $47 Billion combined in 2022-23. Unprofitable results in the U.S. private passenger auto and homeowners/farmowners market insurance segments led to a second-straight year of net underwriting losses in the property/casualty (P/C) industry eclipsing $20 billion, according to a new AM Best report. The 2023 […]
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 […]
Insurance Economic Drivers Outperforming Overall US GDP
Insurance Information Institute says property/casualty insurance performance likely to gain momentum on Federal Reserve interest rate cuts. The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domestic Product (GDP) and are expected to gain further momentum in the event of Federal Reserve monetary rate cuts, according […]
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 […]
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