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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...Additional reporting by Ian Smith and Cynthia O’Murchu in London...
...Probitas, which provides commercial insurance including professional liability and property catastrophe cover, will keep its management team and brand....
...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...
...Keese predicted that the market’s “reinsurance to close” mechanism at Lloyd’s — where underwriting books are effectively closed after three years and reinsured — would allow other areas of property & casualty...
...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....
...Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money....
...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 US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...The US property and casualty (P&C) industry recorded a $26.5bn net underwriting loss in 2022, says rating agency AM Best....
...This was offset by strong trading in property and casualty insurance, which helped the company generate €4.1bn in underlying earnings....
...The property and casualty insurer called If, part of Nordic group Sampo, began screening its corporate customers for ESG criteria in 2021....
...Zurich, one of Europe’s biggest insurance groups, released full-year results on Thursday, reporting a flat combined ratio — claims and expenses as a proportion of premiums — for its property and casualty...
...Allstate cited the growing bill from wildfires as among the reasons it paused selling new home insurance policies in California last year....
...Presenting the company’s fourth-quarter results on Wednesday, Greenberg said property catastrophe insurance is “an opportunity” for Chubb as price rises remained ahead of the rise in payouts....
...Ken Stoller, assistant vice-president at the American Property Casualty Insurance Association, an industry body, highlighted the rejection of pandemic claims in many federal courts, in state high courts...
...It highlighted margins in its property & casualty business and profits in the life division as areas for growth....
...Zurich’s first-half performance was driven by its property and casualty division, which posted its best-ever combined ratio — a key measure of underwriting profitability that tracks claims and expenses as...
...In the property and casualty insurance division, a weaker combined ratio — claims and expenses as a proportion of premiums — was attributed to greater delinquencies in credit insurance....
...For contracts renewing in July, Swiss Re implemented a 12 per cent rise in premiums across its property and casualty business, which includes natural catastrophe cover and other types of insurance....
...In the first half, the performance was driven by its property and casualty division, where Zurich posted its best combined ratio — a key measure of underwriting profitability that tracks claims and expenses...
...The group’s property and casualty division posted strong results owing to a lower bill from natural catastrophe claims and rising commercial insurance prices....
...Zurich said it was on track to exceed its 2022 financial targets, helped by premiums in its property and casualty business rising 12 per cent on a like-for-like basis, adjusted for currency movements....
...Its property and casualty business fared better, with the combined ratio — claims and expenses as a proportion of premiums — improving by 1.1 percentage points to 98 per cent, which it attributed to better...
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