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 to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook.
Tag: P/C industry
Best’s Rankings: U.S. Property/Casualty Industry NPW Rises 11.2% to $852.92B
Total U.S. property/casualty net premiums written rose 11.2% to $852.92 billion in 2023, according to a new Best’s Rankings.
Inflation, High Interest Rates, and Catastrophes Contribute to 2023 Underwriting Loss for P&C Industry
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.8, in part due to severe convective storm losses being the highest in decades.
AM Best: U.S. P/C Industry Records $24.5B Underwriting Loss in the 1H 2023
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.
Having Weathered 2020, Similar Challenges Persist for U.S. P/C Industry in 2021
Many factors that insurers encountered in 2020 likely will continue to impact the financial performance of the U.S. property/casualty (P/C) industry in 2021, with last year’s results reflecting a still-firm commercial lines pricing environment and higher-than-average catastrophe activity, according to AM Best’s annual Review & Preview market segment report. The new Best’s Market Segment Report,… Continue reading Having Weathered 2020, Similar Challenges Persist for U.S. P/C Industry in 2021
P&C Insurance Outlook: Excess Capital, Rate Hike to Drive Growth
The Zacks Property and Casualty Insurance (P&C) industry comprises companies that provide commercial and personal property and casualty insurance products and services. Such insurance coverage helps to safeguard property in case of any natural or man-made disaster. Liability coverages are also part of this industry. Insurance coverages provided by the companies include commercial and personal… Continue reading P&C Insurance Outlook: Excess Capital, Rate Hike to Drive Growth
Insurance Labor Study Highlights Competitive Labor Market
According to the latest iteration of the Semi-Annual U.S. Insurance Labor Outlook Study conducted by The Jacobson Group and Ward Group, a part of Aon plc, 63 percent of companies polled intend to increase staff in 2018. In addition, the Bureau of Labor Statistics has reported that the unemployment rate for the insurance industry is… Continue reading Insurance Labor Study Highlights Competitive Labor Market