U.S. property/casualty insurers are expected to post lower second-quarter profits this year as a result of low premium rates and high claims costs.
“It’s a deadly combination,” Edward Liddy, chief executive of Allstate Corp. told Reuters news service. “We’ve all gotten terribly beaten up (the share prices); the marketplace just doesn’t like what it sees in the property-casualty industry right now”.
Interestingly, catastrophe costs are lagging behind last year’s $3.4 billion second quarter reports by a full $2 billion at just $1.4 billion.
Was this article valuable?
Here are more articles you may enjoy.
NC Jury Award for Workers Injured in Wall Collapse May be Largest in State History 
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
Texans Hate Data Centers So Much They Are Asking Jesus for Help 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI 
