{"id":430772,"date":"2021-02-08T10:33:29","date_gmt":"2021-02-08T15:33:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=430772"},"modified":"2021-02-08T10:33:29","modified_gmt":"2021-02-08T15:33:29","slug":"property-casualty-insurers-report-27-5-drop-in-net-income-during-first-nine-months-of-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/property-casualty-insurers-report-27-5-drop-in-net-income-during-first-nine-months-of-2020\/","title":{"rendered":"Property & Casualty Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020"},"content":{"rendered":"

\nCOVID-19 and record number of catastrophes in the United States impact the industry, according to Verisk and APCIA
\n<\/h2>\n
\n

JERSEY CITY, N.J., Feb. 08, 2021 (GLOBE NEWSWIRE) — In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk (Nasdaq:VRSK), a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). <\/p>\n

The industry\u2019s net income after taxes dropped 27.5 percent to $35.1 billion in the first nine months of 2020 and net underwriting gains declined to $0.3 billion, from $5.4 billion a year earlier. The deterioration in underwriting results was due, in part, to a major increase in the losses and loss adjustment expenses from catastrophes, which more than doubled to $47.1 billion for nine-months 2020 from $21.5 billion in the same nine-month period a year earlier.<\/p>\n

\n Catastrophic events set a record in the U.S.<\/strong>
\n \n <\/p>\n

\n
\n PCS<\/u>
\n <\/a>, a Verisk business, reported that 2020 set a record for the number of U.S. catastrophic events. The 2020 catastrophes included 19 events with at least $1 billion in direct insured losses in the United States (17 in the first nine months), including the first riot and civil disorder event to exceed that threshold.<\/p>\n

The United States also recorded one of the largest deteriorations on the\u00a0Verisk Maplecroft Civil Unrest Index<\/u><\/a>\u00a0in 2020\u2014dropping from the 91st riskiest jurisdiction in the second quarter to the 34th<\/sup> by the end of the year. The index assesses the risk of disruption to business caused by civil unrest and includes a spectrum of incidents, from protests to violent mass demonstrations and rioting.<\/p>\n

Policyholders\u2019 surplus rose $16 billion to $863.3 billion as of September 30, 2020, from $847.3 billion as of December 31, 2019, driven by growth in the stock market. <\/p>\n

The industry continues to face many unknowns stemming from the COVID-19 pandemic. Although the year started strong and insurers reported robust premium growth and promising underwriting results in the first quarter, the results for the remainder of the year reflect the major disruptions of daily life and the economic downturn stemming from COVID-19. It might take significant time before the insured losses directly attributable to pandemic can be reliably estimated, but the impact on premiums was immediate. Due to the economic disruption, consumers and businesses deferred and canceled large purchases and capital investments, which led to reduced premium activity. The written direct premium growth slowed to 2.3% for the first nine months of 2020 compared to 4.8% in the same time period in 2019.<\/p>\n

\n Automotive insurers saw improved loss ratio<\/strong>\n <\/p>\n

Automotive insurers benefited from the reduced driving activity in the first nine months of 2020, with the pure loss ratio for auto insurance improving to 56.6 percent from 65 percent compared to the same period in the previous year. Many auto insurers took steps to account for the abrupt changes in losses, providing partial premium refunds to current policyholders and adjusting the rates. ISO<\/u><\/a>, a Verisk business, estimates that insurers provided approximately $11 billion in direct premium refunds and renewal credits to policyholders. The effect of prospective rate changes driven in part by COVID-19 can\u2019t be reliably estimated.<\/p>\n

\u201cInsurers in the third quarter of 2020 continued to be hammered by COVID-19, natural catastrophes, and civil unrest losses,\u201d said Robert Gordon, APCIA senior vice president, policy, research and international. \u201cNet underwriting losses climbed to $4.3 billion, with premium growth significantly slowing and net income plummeting nearly 30%. Industry surplus, volatile throughout the year, restabilized in the third quarter. Automobile insurers responded to reduced driving during the pandemic with extraordinary amounts of premium relief to policyholders in 2020 including rate reductions, and we expect commercial lines insurers to face significant reductions in premiums due to audits that reflect reduced revenues and payrolls. The industry continues to face the strong headwinds of unknown but potentially severe future COVID-19 related losses and long-term claims.\u201d<\/p>\n

\u00a0\u201cThe beginning of COVID-19 vaccination efforts has provided some hope for people in the United States and across the globe,\u201d said Neil Spector, president of ISO at Verisk. \u201cBut the U.S. economy and the insurance industry still face many challenges which will depend on our progress in ending the pandemic.\u201d <\/p>\n

\u201cHow long will it take to vaccinate the majority of the population? What impact will new strains of the disease have on its spread? How will businesses that require large in-person crowds continue to survive? Which of the pandemic-driven changes are here to stay? All of these questions will have a major impact on the types of insurance and service that customers expect,\u201d Spector added. <\/p>\n

\u201cNow more than ever, insurers that make it easy for customers to buy coverage and settle claims online will have the biggest advantage in the evolving marketplace,\u201d Spector said.<\/p>\n

\n Third-quarter results <\/strong>\n <\/p>\n

After taxes, insurers’ net income fell to $10.9 billion in third-quarter 2020 from $15.4 billion in third-quarter 2019, and their combined ratio deteriorated to 101.3% in third-quarter 2020 from 98.8% in the same period a year earlier.<\/p>\n

Net written premiums rose $5.0 billion, or 3.0%, to $171.3 billion in third-quarter 2020 from $166.2 billion in third-quarter 2019. Net earned premiums grew 2.3% to $162.9 billion in third-quarter 2020 from $159.2 billion from the third quarter a year earlier.<\/p>\n

\n
\n View the full report<\/u>
\n <\/a>\u00a0from Verisk and APCIA.<\/p>\n

\u00a0<\/p>\n

\n About Verisk\u00a0<\/strong>
\n \n <\/p>\n

Verisk (Nasdaq:VRSK) provides predictive analytics and decision support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company\u2019s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company\u2019s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social and governance (ESG) matters. Celebrating its 50th<\/sup> anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture<\/u><\/a> where all<\/em> team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work<\/u><\/a>. For more: Verisk.com<\/u><\/a>, LinkedIn<\/u><\/a>, Twitter<\/u><\/a>, Facebook<\/u><\/a> and YouTube<\/u><\/a>.<\/p>\n

\n About APCIA<\/strong>\n <\/p>\n

Representing nearly 60 percent of the U.S. property casualty insurance industry, the American Property Casualty Insurance Association (APCIA) promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. APCIA represents the broadest cross section of home, auto, and business insurers of any national trade association. APCIA members represent all sizes, structures, and regions, which protect families, communities, and businesses in the U.S. and across the globe. For more information, visit\u00a0www.apci.org<\/u><\/a>.<\/p>\n

\n Contact:<\/strong>\n <\/p>\n

Brett Garrison
Verisk@Edelman.com<\/u><\/a>
917-639-4903<\/p>\n

Nicole Ganley for APCIA
nicole.ganley@apci.org<\/u><\/a>
916-616-5855<\/p>\n

Loretta Worters for I.I.I.
lorettaw@iii.org<\/u><\/a>
212-346-5575 <\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

COVID-19 and record number of catastrophes in the United States impact the industry, according to Verisk and APCIA JERSEY CITY, N.J., Feb. 08, 2021 (GLOBE NEWSWIRE) — In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk (Nasdaq:VRSK), a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). The industry\u2019s net income after taxes dropped 27.5 percent to $35.1 billion in the first nine months of 2020 and net underwriting gains declined to $0.3 billion, from $5.4 billion a year earlier. The deterioration in underwriting results was due, in part, … <\/p>\n

Continue reading “Property & Casualty Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-430772","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nProperty & Casualty Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/property-casualty-insurers-report-27-5-drop-in-net-income-during-first-nine-months-of-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property & Casualty Insurers Report 27.5% Drop in Net Income During First Nine Months of 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"COVID-19 and record number of catastrophes in the United States impact the industry, according to Verisk and APCIA JERSEY CITY, N.J., Feb. 08, 2021 (GLOBE NEWSWIRE) — In the first nine months of 2020, the private U.S. property and casualty (P&C) insurance industry dealt with the effects of the COVID-19 pandemic as well an historic catastrophe season, according to a report from Verisk (Nasdaq:VRSK), a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). 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The industry\u2019s net income after taxes dropped 27.5 percent to $35.1 billion in the first nine months of 2020 and net underwriting gains declined to $0.3 billion, from $5.4 billion a year earlier. 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