Based on 2023 data, this year’s report found that the independent agency channel places 62.2% of all p&c insurance written in the U.S., demonstrating the channel’s resilience amid the challenges posed by the hard market.
Tag: personal lines
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.
Nationwide Pulling Back on High Net Worth Business, an Evolving Niche
Nationwide is narrowing its high net worth offering, the first step in a plan to migrate all of its personal lines business to a single operating model and platform, according to a spokesperson.
Commercial Lines Performed Better than Personal, Combined Ratio Forecast at 103.9: Report
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results. Hard markets continue with 2023 net written premium growth forecast at 9.0%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
Generative AI in P&C Insurance: Promise and Peril for Personal and Commercial Lines
This past year has been marked by the excitement surrounding generative AI and ChatGPT taking industries by storm.
Confie Acquires Acceptance Insurance
Confie, the largest personal lines insurance distribution company in the U.S., announces the acquisition of Acceptance Insurance’s Retail division to its family of brands
Agents, Brokers See Slight Organic Growth Rate Deceleration
The organic growth rate of the independent insurance channel was 10.2% for the third quarter of 2023, representing a slight 1.0% drop from Q2.
SECURA to Exit from Personal Lines Insurance Market
SECURA Insurance announced that it is exiting the Personal Lines insurance market over a 26-month process.
AM Best: U.S. P&C Rating Downgrades Outpace Upgrades in First-Half 2023
The U.S. property/casualty (P/C) insurance industry experienced an increase in Credit Rating (rating) downgrades in the first half of 2023, reflecting a difficult period for the personal lines segment, according to a new AM Best report.
Property Insurers Curb New Policies in Cat-Prone Areas Nationally
Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding.