Despite the economic challenges from the coronavirus pandemic, the workers’ compensation insurance market is likely to report strong profitability in 2020 thanks to savings from lower claims frequency due that are currently outpacing pandemic-related losses, according to Fitch Ratings. However, …
W.R. Berkley Corp.’s 2020 third-quarter financial results landed on the strong side despite a dip in net income and more COVID-19 losses, a result the company credits to rate hikes and underwriting discipline. The commercial lines specialty insurer and reinsurer …
The Travelers Companies had a strong third quarter, reporting net income grew to $827 million, up from $396 million in the prior year quarter. An increase in the quarter’s core income to $798 million compared to $378 million in the …
Despite a highly competitive property/casualty insurance industry and pressures on operating performance, U.S. mutual insurance companies reported continued improvement in underwriting performance in 2019 and managed to grow surplus. According to the AM Best Market Segment Report, “U.S. Mutuals’ Strong …
While Lloyd’s overall results in the second half were hit by £2.4 billion ($3.12 billion) of COVID-19 claims, the market’s underlying underwriting performance saw a “huge improvement,” which Chief Executive Officer John Neal said is a “real testament to the …
Lloyd’s of London recorded a pretax loss of 400 million pounds ($520.08 million) in the first half, battered by the coronavirus pandemic, the commercial insurance market said on Thursday. Insurers around the world have paid out on event cancellation, travel, …
In the first half of 2020, China Re Group Corp. enjoyed rapid growth in premiums and steady profitability despite the pandemic. In the first half of 2020, gross written premiums increased 20.5% year-on-year to RMB102.1 billion. Gross written premiums by …
Ping An Insurance Company of China announced its 2020 interim results for the six month period ended June 30, 2020. The integrated financial services company said it maintained steady business performance in the period by continuing the transformation of the …
Even though investment returns rebounded from first-quarter levels during the second quarter of 2020, claims from COVID-19 created an “anemic earnings” picture for global reinsurers, Moody’s Investor Services says. In a new report on half-year earnings for the sector published …
U.S. property/casualty insurance underwriting income dropped 5.5 percent in the first half of 2020 versus the same period last year. Higher underwriting expenses and policyholder dividends largely connected to COVID-19 costs are to blame, according to an A.M. Best report. …
