The U.S. property/casualty (P/C) industry recorded a $9.3 billion net underwriting gain in the first three months of 2024, a significant improvement from the $8.5 billion loss recorded in the same prior-year period, according to a new AM Best report.
Tag: P&C insurance
U.S. P&C Underwriting Losses Narrow as Key Lines Still Struggle
U.S. property and casualty insurers overall saw better underwriting results in 2023, but performance worsened in certain important business lines, according to an analysis by S&P Global Market Intelligence.
Underwriting Losses Persist in U.S. P/C Industry, Total $21.2B in 2023
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 the prior year, according to a new AM Best report.
5 Trends in Property and Casualty Insurance for 2024
The property and casualty (P&C) insurance sector is undergoing significant transformation, influenced by technological advancements, regulatory changes, and evolving consumer expectations. This article delves into the latest trends shaping the industry, offering insights into how these developments impact insurers, policyholders, and the broader market. 1. Digital Transformation and Insurtech Integration The P&C insurance industry is… Continue reading 5 Trends in Property and Casualty Insurance for 2024
How Recent Legislation Impacts the P&C Industry
Recent legislative efforts have increasingly focused on enhancing consumer protections within the insurance sector. These efforts include measures to improve transparency in policy terms and conditions, more stringent requirements for claims processing, and enhanced rights for policyholders during disputes. For insurers, it means adapting operational practices to comply with new standards, which may involve investing… Continue reading How Recent Legislation Impacts the P&C Industry
Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance
Program managers and wholesalers are the heartbeat of the ProgramBusiness.com Market Directory. It is a content-rich platform connecting wholesalers, MGAs/MGUs, program administrators, and carriers with independent agents looking to place business. Agents use it to quickly make contacts and begin their clients’ underwriting, quote, and submission processes. This guide explores the vital distinctions between program… Continue reading Program Managers vs. Wholesalers: Understanding Their Roles in Property-Casualty Insurance
The Hartford’s Net Income Increases to $645M in Q3
The Hartford has reported a net income of $645 million for the third quarter of 2023, a 93% increase from $334 million from the same period last year.
Examining the Mergers and Acquisitions Landscape in 2023
As we cross the midpoint of 2023, the property and casualty (P&C) insurance sector continues to experience a complex mergers and acquisitions (M&A) landscape.
PLM Promotes 3 Team Members in Finance, Underwriting and IT
Pennsylvania Lumbermens Mutual Insurance Company (PLM) today announced several key promotions.
Inflation May Be Easing, But Claims Severity Pressures in P&C Are Likely to Remain: Swiss Re
According to the Swiss Re Institute, headline inflation is estimated to decline but stay elevated in 2023, to some extent alleviating upward pressure on claims compared to 2022. However, cost inflation in certain prices, such as labour and healthcare, may remain high.