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 …
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 …
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% …
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 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 …
DUBLIN – Irish insurer FBD more than doubled the money set aside to cover lockdown-linked claims to 65 million euros ($79 million) after it lost a test case brought by four publicans over a policy that included business-interruption losses. Ireland’s …
Munich Re reported a profit of €1.21 billion (US1.47 billion) for 2020, a 55% decline from the €2.71 billion (US$3.29 billion) reported for the previous year. The reinsurer’s Q4 2020 profit dropped to €212 million (US$258 million) from €217 million …
AXA reported net income of €3.16 billion (US$3.8 billion) during 2020, an 18% drop from €3.86 billion (US$4.7 billion) in full-year 2019. The combined ratio for AXA’s P/C business increased 3.2 points to 99.5%, largely reflecting the impact from COVID-19 …
Liberty Mutual reported net income of $162 million for the fourth quarter and $758 million for the full year 2020, versus a fourth quarter net loss of $301 million and net income $1.037 billion for full year 2019 Liberty Mutual …
QBE officially announced a $1.5 billion bottom-line net loss for 2020 late last week, confirming a figure the Australia-based insurance group pre-announced in late mid-December. The result represents nearly $1 billion downward swing from a $522 million net profit reported …
