AM Best has maintained its market segment outlook on the global reinsurance industry at stable for 2021, citing factors that include positive pricing momentum, combined with tighter terms and conditions, offset somewhat by uncertainty with regard to claims reserve development associated with previous years’ property catastrophe events; social inflation; and more recently, business interruption and… Continue reading AM Best Maintains Global Reinsurance Market Outlook at Stable
Tag: COVID-19 insurance impact
P&C Industry Suffered Largest-Ever Drop in Surplus in the 1Q 2020
The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to Verisk, a leading data analytics provider, and the American Property Casualty Insurance Association (APCIA). Since then, the COVID-19 pandemic has continued to affect many… Continue reading P&C Industry Suffered Largest-Ever Drop in Surplus in the 1Q 2020
COVID-19 Impact Could Take Five Years to Be Fully Understood: Survey Results
The results of the second COVID-19 survey by Reinsurance News suggest that it may take up to five years to fully understand the impact that the pandemic will have on the insurance and reinsurance markets. The survey, undertaken in collaboration with ILS focused sister-site Artemis, acted as a follow-up to our April survey, which sought… Continue reading COVID-19 Impact Could Take Five Years to Be Fully Understood: Survey Results
COVID-19 and Continued Market Hardening Put Stress on P/C Market in Q1: CIAB
The market continued to harden in Q1 2020, according to The Council of Insurance Agents & Brokers’ quarterly Commercial Property/Casualty Market Survey. Respondents reported moderate to significant premium pricing increases for all account sizes and all lines of business except for Workers’ Compensation. Premium prices across all-sized accounts increased by an average of 9.6% in… Continue reading COVID-19 and Continued Market Hardening Put Stress on P/C Market in Q1: CIAB
COVID-19 to Weaken U.S. P&C Insurers’ Premiums, Investments: Moody’s
For US property and casualty insurers, Moody’s analysts expect the economic shock from coronavirus to cause a decline in premiums, higher claim costs in certain business lines, lower claim frequencies in others, more volatile investment results, and a deterioration in capital. For claim costs, the coronavirus is expected to have mixed effects, with lower frequencies… Continue reading COVID-19 to Weaken U.S. P&C Insurers’ Premiums, Investments: Moody’s