Severe weather-related losses, stubborn inflation and upward reinsurance pricing drove the U.S. property/casualty (P/C) sector’s net underwriting loss to a 10-year high of $38 billion in 2023, according to a new AM Best report.
Tag: P&C losses
Allstate Announces Impact of PG&E Recoveries and July 2020 Catastrophe Losses
The Allstate Corporation announced that catastrophe results for July generated income of $334 million, pre-tax ($264 million, after-tax), as PG&E subrogation recoveries more than offset the impact of events in the month. As previously announced, PG&E Corporation and Pacific Gas and Electric Company (together “PG&E”) reached a settlement with Allstate and other insurance claimants arising… Continue reading Allstate Announces Impact of PG&E Recoveries and July 2020 Catastrophe Losses
COVID-19 Losses Range from $32-$80B Across Key Classes in U.S. and U.K
Willis Towers Watson’s Insurance Consulting and Technology business has published a report that provides an initial estimate of the financial impact of COVID-19 to the property and casualty insurance industry. The focus of the report is on general insurance business written across key classes in the U.S. and U.K., including the London Market. The report… Continue reading COVID-19 Losses Range from $32-$80B Across Key Classes in U.S. and U.K
Swiss Re Reports $225M Loss in Q1
Swiss Re reported a net loss of USD 225 million for the first quarter of 2020, reflecting the impact of the COVID-19 crisis on the underwriting (USD 476 million) and investment (net USD 300 million) results. The first-quarter result was also adversely impacted by the mark-to-market valuation of Phoenix Group Holdings plc shares, which Swiss… Continue reading Swiss Re Reports $225M Loss in Q1