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 […]
Insurance Information Institute Says U.S. Insurers Remain Resilient Despite Economic Challenges
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 […]
U.S. Property/Casualty Insurance Industry Projected to Suffer $26.5 Billion Underwriting Loss in 2022
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 […]
February is Insurance Careers Month
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 […]
Property and Casualty Insurers Experience Underwriting Loss in 2021
Auto physical damage written premiums were up 6.5% but direct losses grew 25.1% over pandemic influenced 2020. Despite experiencing an underwriting loss, the property/casualty insurance industry ended 2021 strong and able to support policyholders, according to a report from Verisk (NASDAQ:VRSK), the global data analytics provider, and the American Property Casualty Insurance Association (APCIA). In […]
Property and Casualty Insurers See $5.6B Net Underwriting Loss in First Nine Months of 2021
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 […]
U.S. Property and Casualty Insurers Report Net Income Rose to $37.5 Billion
Insurers report improved income as resumption in economic activity drives growth in premiums and losses, according to Verisk and APCIA. Private property/casualty insurers in the United States posted strong net income growth in the first half of 2021 as the country continued to recover from the economic disruption caused by the COVID-19 pandemic, according to […]
A.M. Best Reports U.S. Property/Casualty Insurance Industry’s Underwriting, Net Income Increased in First-Half of the Year
The U.S. property/casualty (P/C) industry grew its net underwriting income by 28% in the first six months of 2021 compared with the same prior-year period, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, titled, First Look: Six-Month 2021 Property/Casualty Financial Results, and the data is […]
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 […]