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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...Insurance prices are surging as companies look to repair their margins after years of significant losses from severe weather to insured properties, exacerbated by inflation in rebuild costs....
...The UL network traces its roots to a late 19th century effort to help insurance companies save money by testing electrical products for fire risk....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...Europe’s second-biggest insurer, which cemented its focus on property and casualty insurance with the $15.3bn acquisition of XL in 2018, said it would prioritise dividend growth and annual share buybacks...
...That helped mitigate any massive losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
...Overall, the group posted a €5.1bn operating profit for the period, up 17 per cent on the same period last year, with profitability improving at its property and casualty division despite losses from European...
...The move will make Sampo the largest pure property and casualty insurer in the Nordic region....
...Property and casualty insurers may comfort themselves that their exposure to climate risk is limited by annual contracts — an industry standard that enables them to reprice, limit or completely withdraw...
...A significant factor has been a sharp rise in the cost of property catastrophe reinsurance, or insurance for insurance companies....
...Insurance companies are fleeing Florida as costs to insure property have increased dramatically....
...If the CFPB’s funding is unconstitutional because it is not appropriated, well then so too is that of the Federal Reserve itself, as well as the Farm Credit Administration, the Federal Deposit Insurance...
...That helped mitigate any huge losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
...These costs would presumably be reflected in property and casualty insurance rates, along with many other pressures that are affecting the world right now....
...Having outperformed other financials last year, the S&P Property & Casualty Insurance index is down 7 per cent so far this year. That compares with the S&P 500’s 15 per cent gain....
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...Bureau of Statistics....
...Across the board, US property & casualty insurers had a $27bn net underwriting loss last year, their worst performance since 2011....
...Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...And Berkshire made a big bet in underwriting property and casualty policies in Florida, betting on a tame hurricane season. That wager has largely paid off....
...A common measure of profits at insurance companies is the combined ratio....
...Allstate’s 2Q underwriting results (as measured by its “combined ratio”) highlights what can happen when weather and economic conditions turn against property and casualty insurers....
...Here’s more on the companies’ results. 3....
...This was offset by strong trading in property and casualty insurance, which helped the company generate €4.1bn in underlying earnings....
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