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You are here: Home / Archives for Property Casualty Insurance

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

Top Three Private Passenger Auto Insurers Are Also Top Three Most Trusted P&C Insurance Carriers

March 14, 2024 By CollisionWeek Editor

Insurity’s P&C Consumer Pulse survey gauges consumer sentiment toward major P&C insurance carriers. Insurity, the provider of cloud software for insurance carriers, brokers, and MGAs, announced findings from its latest P&C Consumer Pulse survey, which offers insights into consumer attitudes toward major P&C insurance carriers. The survey identifies the top three P&C insurance companies deemed […]

Filed Under: News Tagged With: Consumer Sentiment, GEICO, Progressive, Property Casualty Insurance, State Farm

Insurance Economic Drivers Could Outperform U.S. Economy By 2025 But Major Hurdles Remain

October 18, 2023 By CollisionWeek Editor

The economic drivers of the U.S. property/casualty (P/C) insurance industry could cumulatively expand faster than the nation’s gross domestic product (GDP) in 2024 and may outperform the overall U.S. economy by 2025, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook. “Growth drivers specific to P/C performance have been improving faster in 2023 […]

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

U.S. Property/Casualty Industry Records $24.5 Billion Underwriting Loss in the First Half of 2023

September 12, 2023 By CollisionWeek Editor

The U.S. property/casualty (P/C) industry recorded a $24.5 billion net underwriting loss in the first half of 2023, nearly eclipsing the $26.5 billion in total losses recorded for all of 2022, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, First Look: 6-Month 2023 US Property/Casualty […]

Filed Under: News Tagged With: A.M. Best, Earnings, Property Casualty Insurance

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

U.S. Property/Casualty Industry Posts $8.2 Billion Underwriting Loss in First-Quarter 2023

June 15, 2023 By CollisionWeek Editor

Net income declined 70.7% to $8.1 billion. The U.S. property/casualty (P/C) industry saw an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary financial results. This financial review is detailed in a new Best’s Special Report, First Look: Three-Month […]

Filed Under: News Tagged With: A.M. Best, Earnings, Property Casualty Insurance

Property/Casualty Insurance Underwriting Losses Soar, Net Income Shrunk in 2022

April 6, 2023 By CollisionWeek Editor

The $26.9 billion underwriting loss is the largest since 2011. Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from Verisk (NASDAQ: VRSK), a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). The industry experienced a $26.9 billion net […]

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

Insurance Information Institute Says U.S. Insurers Remain Resilient Despite Economic Challenges

March 31, 2023 By CollisionWeek Editor

Slow underlying growth and inflation are among the biggest challenges facing U.S. auto, home, and business insurers, according to the Insurance Information Institute (Triple-I) Q1 2023 Economic Outlook. The Outlook’s key takeaways include: Property/casualty (P/C) insurance, a category which includes U.S. carriers who underwrite auto, home, and business coverage, saw its cyclical underlying growth rebound […]

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

U.S. Property/Casualty Insurance Industry Projected to Suffer $26.5 Billion Underwriting Loss in 2022

March 22, 2023 By CollisionWeek Editor

The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, a slide of $21.5 billion from the prior year’s underwriting loss, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month 2022 US Property/Casualty Financial Results,” and the data […]

Filed Under: News Tagged With: A.M. Best, Earnings, Property Casualty Insurance

February is Insurance Careers Month

February 1, 2023 By CollisionWeek Editor

The federal government reports 2.8 million people in the U.S. are employed by the insurance industry and February’s annual celebration of Insurance Careers Month is a reminder of the opportunities it offers, according to the Insurance Information Institute (Triple-I). “Insurance is the backbone of the global economy, providing security, recovery, and sustainability. Whether just starting […]

Filed Under: News Tagged With: American Property Casualty Insurance Association, Insurance Information Institute, Property Casualty Insurance, Workforce Development

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