2020 financial results News

Lloyd’s Expects Large Loss from Suez Canal Blockage

The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 …

2020’s P/C Insurance Industry Results and What They Mean for 2021

The most recent tallies of financial results by rating agency analysts reveal that the property/casualty insurance industry weathered the storms of catastrophe losses and COVID, with one segment actually reporting better combined ratios and higher income than in 2019. A …

P/C Insurers Improved Profitability in Year of Coronavirus: AM Best

Despite the COVID-19 pandemic, the U.S. property/casualty (P/C) industry improved its overall profitability in 2020, with a 68% increase in net underwriting income and combined ratio that improved slightly over the previous year. These preliminary results are from a new …

Italy’s Generali Expects to Hit 2021 Targets After Reporting ‘Excellent’ Results in 2020

MILAN – Generali is confident it can hit its targets this year after Italy’s biggest insurer overcame a negative impact from the coronavirus crisis in 2020 to deliver a record operating profit. Operating profit, which is closely watched by the …

Total Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch

Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several years to determine in business interruption, general …

Fitch Sees 2020’s Personal Auto Insurer Profits as Unsustainable

Highly profitable sub-90 personal auto combined ratios recorded by 10 publicly traded property/casualty insurers in 2020 don’t look anything like the 106 recorded in 2016. But they’re headed in that direction, Fitch Ratings analysts suggest. Competitive pricing forces and a …

Startup Auto Insurer Root Reports $363M Loss in 2020; Will Spend to Grow in 2021

Root Inc.’s second earnings report as a public company reveals that the digital auto insurance startup continues to lose substantial amounts of money but it is generating substantial premium and customer growth overall. The Ohio-based insurtech lost $133.3 million in …

Hiscox Cites Loss on COVID, BI Dispute ‘Brand Damage’; Will Alter Liability, Cyber Books

British insurer Hiscox reported a big loss for 2020 after a jump in claims from businesses disrupted by the COVID-19 pandemic and also faces “brand damage” from a legal dispute over policy wordings for pandemic-linked claims. Hiscox shares plunged 13% …

GEICO Drives Up Berkshire 2020 Underwriting Profit

With GEICO’s 2020 underwriting profit more than doubling above the level recorded in 2019, Berkshire Hathaway’s full-year property/casualty underwriting income was in the black, even though the conglomerate’s P/C reinsurance units saw underwriting losses in both years. Taken together, $3.4 …

UK Insurer RSA Reports 15% Hike in 2020 Operating Profit

UK insurer RSA has reported a 2020 business operating result of £751 million ($1.1 billion), up 15% from £656 million ($926 million) reported during 2019. The group paid out some £4.6 billion ($6.5 billion) in “normal” claims while also providing …