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.
Tag: P/C insurance
Chubb CEO Greenberg Says P/C Market ‘Reasonably Disciplined’ and Getting More Competitive
Property/casualty insurance pricing remains strong even while moderating somewhat over the second quarter, staying ahead of expected increases in loss costs, according to Chubb Ltd. CEO Evan Greenberg, speaking during the insurer’s quarterly earnings call. “The rate environment is naturally becoming a bit more competitive, particularly in certain casualty-related classes as more carriers seek to… Continue reading Chubb CEO Greenberg Says P/C Market ‘Reasonably Disciplined’ and Getting More Competitive
U.S. P/C Insurers Face Transition Risks to Post-Pandemic “New Normal”
U.S. Property and Casualty (P/C) insurers will continue to face new operational and risk management challenges from pandemic-related insurance losses and premium volume declines in 2021, Fitch Ratings says. Insurers able to manage the challenge of workforce flexibility, limit risk aggregations and reduce claims exposure through disclosure/exclusionary language and clarity of policy terms will be… Continue reading U.S. P/C Insurers Face Transition Risks to Post-Pandemic “New Normal”
COVID-19 Turns S&P Negative on Global Reinsurance
With rising property and casualty reinsurance claims and failing investment returns, S&P Global Ratings expects the coronavirus pandemic to turn 2020 into a tough year for global reinsurers. As a consequence, S&P believes the sector’s ability to earn its cost of capital in 2020 has visibly reduced, to almost negligible. Including assumptions for 2020, it’s… Continue reading COVID-19 Turns S&P Negative on Global Reinsurance
P/C Insurers See Increase in Net Underwriting Gains and Record Surplus in the First Nine Months of 2019
The private U.S. property/casualty insurance industry saw its net underwriting gains increase to $5.4 billion in the first nine months of 2019 from $4.7 billion a year earlier, bolstered by growth in premiums and a drop in catastrophe losses, and its surplus reach a record high of $812.2 billion, according to Verisk, a leading data… Continue reading P/C Insurers See Increase in Net Underwriting Gains and Record Surplus in the First Nine Months of 2019
Root Insurance Raises $350M in Series E Funding, Led by Coatue and DST Global
Root Insurance, the largest property casualty InsurTech in the country, announced today $350 million in Series E funding. Root has now raised a total of $523 million in funding, with an additional $100 million in debt financing. This latest round, led by DST Global and Coatue, raises Root’s valuation to $3.65 billion and provides additional… Continue reading Root Insurance Raises $350M in Series E Funding, Led by Coatue and DST Global
Preliminary 1Q 2019 Results Show 24% Underwriting Income Bump for U.S. P/C Industry: A.M. Best
The U.S. property/casualty (P/C) industry posted net underwriting income of $4.2 billion in first-quarter 2019, according to preliminary financial results, a 24.0% increase from the same period in the previous year. This financial review is detailed in a new Best’s Special Report, titled, “First Look—3 Month Property/Casualty Financial Results,” and the data is derived from… Continue reading Preliminary 1Q 2019 Results Show 24% Underwriting Income Bump for U.S. P/C Industry: A.M. Best
USG Announces Hire of Gray in Irvine, CA
USG is pleased to announce the hire of Ali Gray as Producer/Broker in the Irvine, CA branch. Ali has 9 years of experience in the insurance industry, most recently as a commercial insurance agent at Insurance Inc. in Riverside, CA. In his new position at USG, Ali will continue to build his book of business… Continue reading USG Announces Hire of Gray in Irvine, CA
Trey Lowack Joins Alliant to Service Growing Southwest Client Base
Dallas property and casualty insurance expert Trey Lowack has joined Alliant’s Dallas team as Vice President. Lowack will employ his multifaceted expertise in risk and insurance solutions to serve Alliant’s diverse and growing Southwest client base. “Dallas remains a high priority for growth and expansion for the Alliant middle market platform,” said Bob Bennetsen, Executive… Continue reading Trey Lowack Joins Alliant to Service Growing Southwest Client Base
AIG’s Loss Narrows, But Catastrophe Claims Still Sting
Insurance giant American International Group Inc. posted a $1.26 billion third-quarter net loss, weighed down by policyholders’ claims from Asian typhoons, California mudslides, and Hurricane Florence in the U.S. Southeast. The red ink was less than in the year-earlier third quarter, when three hurricanes in a row slammed into the Caribbean and the Southern U.S.… Continue reading AIG’s Loss Narrows, But Catastrophe Claims Still Sting