Pennsylvania Lumbermens Mutual Insurance Company (PLM) today announced several key promotions.
Tag: P&C insurance
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.
Commercial Lines Premiums Rose an Average of 8% for Q4 2022
Premiums increased for the 21st consecutive quarter in Q4 2022, with respondents reporting an average premium increase across all account sizes of 8.0%, down slightly from 8.1% in Q3 2022.
Brookfield Reinsurance to Take Insurance Firm Argo Private in $1.1B Deal
Brookfield Asset Management’s reinsurance unit agreed to buy out insurer Argo Group International for $1.1 billion.
U.S. P&C Sector Weathers S&P Downgrade
Despite S&P’s downgrade of the U.S. P&C market to negative, the sector stocks continue to fare well.
2022 P&C Underwriting Profitability Seen Worsening as Inflation, Hard Market Continue: Triple-I
According to actuaries at Triple-I and Milliman, a risk-management, benefits, and technology firm, the property & casualty insurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 for 2022, up 1.2 points from 2021. These findings were presented at a Triple-I members-only virtual webinar. Combined ratio represents the difference between… Continue reading 2022 P&C Underwriting Profitability Seen Worsening as Inflation, Hard Market Continue: Triple-I
Median Organic Growth Levels Reach Double Digits for Independent Agents & Brokers
Good news never gets old. According to a Reagan Consulting survey, independent insurance agents and brokers experienced their fifth consecutive quarter of record-breaking organic growth. Their median organic growth reached double digits for the first time in the nearly 15-year history of the firm’s Growth & Profitability Survey, reaching 10.2% in the second quarter of… Continue reading Median Organic Growth Levels Reach Double Digits for Independent Agents & Brokers
Going Strong: Independent Agents Place 62% of All P&C U.S. Premiums
According to a new report from the Independent Insurance Agents and Brokers of America (the Big I), independent insurance agents place approximately 62% of all P&C premiums written in the United States. Big ‘I’s Market Share Report is released every two years and can help users understand the current insurance marketplace and opportunities and evolving… Continue reading Going Strong: Independent Agents Place 62% of All P&C U.S. Premiums
New Commercial Insurance Report from CIAB and EY Is Out
The Council of Insurance Agents & Brokers (The Council), in collaboration with global professional services firm, EY, today released The State of Commercial Insurance. This new report shares insights from the primary players in the commercial insurance ecosystem – carriers, brokers and policyholders (employers). The Council and EY conducted a survey of stakeholders to examine… Continue reading New Commercial Insurance Report from CIAB and EY Is Out
Travelers’ Profit Beats on Lower Catastrophe Losses
Travelers Companies Inc reported a 48 percent increase in quarterly profit on Tuesday, beating analysts’ expectations, as lower catastrophe-related claims offset a hit from investment losses. Core income increased to $1.04 billion, or $4.22 per share, in the first quarter ended March 31, up from $699 million, or $2.73 per share, the previous year. According… Continue reading Travelers’ Profit Beats on Lower Catastrophe Losses