Despite experiencing an underwriting loss, the property/casualty insurance industry ended 2021 strong and able to support policyholders, according to a report from Verisk, a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). In 2021, the insurance industry experienced a $3.8 billion net underwriting loss, after a $5.2 billion underwriting gain… Continue reading P&C Insurers Experience Underwriting Loss in 2021, But Remain Strong
Tag: P&C insurers
Fraud Adds Billions to Insurer Disaster Payouts, NICB Says
According to the National Insurance Crime Bureau (NICB), property and casualty insurers paid $4.6 billion to $9.2 billion extra in disaster claims due to insurance fraud in 2021, a cost policyholders bear through their insurance premiums. During NICB’s second annual Contractor Fraud Awareness Week May 23 – 27, NICB will educate on how to identify… Continue reading Fraud Adds Billions to Insurer Disaster Payouts, NICB Says
P&C Carrier Performance Solid in H1 2021
According to a report from Verisk, a leading global data analytics provider, and the American Property Casualty Insurance Association, private property/casualty insurers in the United States posted strong net income growth in the first half of 2021 as the country continued to recover from the economic disruption caused by the COVID-19 pandemic. As the economy… Continue reading P&C Carrier Performance Solid in H1 2021
P&C Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020
In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk, a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). The industry’s net income after… Continue reading P&C Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020
Duck Creek Technologies Adds Reinsurance Management Solution for Primary P&C Insurers
Duck Creek Technologies announced today that it has introduced Duck Creek Reinsurance Management to the P&C insurance industry, adding comprehensive reinsurance management functionality to the already robust capabilities of the Duck Creek Suite. Duck Creek Reinsurance Management (previously CedeRight, a DataCede product which Duck Creek has acquired) allows primary insurance carriers to manage reinsurance partners,… Continue reading Duck Creek Technologies Adds Reinsurance Management Solution for Primary P&C Insurers
P/C Insurers Report 66% Increase in Net Income in 2018
Private U.S. property/casualty insurers saw their net income after taxes rise to $60 billion in 2018 from $36.1 billion in 2017—a 66.3 percent increase—helped by double-digit premium growth and a significant decline in catastrophe losses, according to Verisk, a leading data analytics provider, and the American Property Casualty Insurance Association (APCIA). Net written premiums grew… Continue reading P/C Insurers Report 66% Increase in Net Income in 2018
U.S. P&C Insurers’ Financial Leverage Remains Stable: Fitch
U.S property and casualty (P&C) insurers’ financial leverage remained stable year-on-year, according to Fitch Ratings, who recorded the sector’s aggregate financial leverage ratio (FLR) at ‘A-‘. Fitch explained that the ratio implied debt rating guidelines at 22.6% for year-end 2018, which was down minimally from 22.9% at year-end 2017. “In the medium term, Fitch expects… Continue reading U.S. P&C Insurers’ Financial Leverage Remains Stable: Fitch