All the headlines from our Property Casualty Topic Page, ordered by recency.
May 22 2020 // Maryland property and casualty insurance consumers will receive more than $250 million in premium relief during the COVID-19 State of Emergency, according to a Maryland Insurance Administration (MIA) press release.As of...
May 21 2020 // Generali’s first quarter net profit plunged 84.8% to €113 million (US$124 million) from €744 million (US$815.5 million) reported in Q1 2019, as a result of the impact of the COVID-19 pandemic on financial...
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
May 18 2020 // Analysts at the AM Best ratings firm say their initial stress tests of insurance companies globally to gauge the preliminary impact from the COVID-19 pandemic on their financial strength found good news: “most...
May 18 2020 // Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses.The reason: An expectations of...
May 14 2020 // Zurich Insurance estimates that the overall property and casualty (P&C) claims from the COVID-19 pandemic will be in the region of $750 million for 2020.To put that into context, Zurich’s CFO George Quinn said...
May 14 2020 // Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have...
May 5 2020 // CNA Financial Corp. recorded a first quarter 2020 net loss of $61 million, and core income of $108 million. The insurer said results for the quarter reflected financial market volatility amid the events of COVID-19.The...
May 4 2020 // Berkshire Hathaway’s property/casualty insurance and reinsurance businesses reported a first quarter underwriting profit of $747 million before taxes, nearly double the pretax underwriting profit of $377 million...
May 4 2020 // Standard & Poor’s said it does not expect state legislators to succeed in their efforts to retroactively expand business interruption insurance coverage for COVID-19-related losses.The reason: An expectations of...
Apr 30 2020 // Lockton Re, the global reinsurance business of the world’s largest privately held independent insurance broker, announced two new appointments in its London office. Phillip Mallon will be joining the North American...
Apr 24 2020 // XPT Partners LLC has acquired Texas-based LP Risk Inc., a full service managing general agency (MGA) and surplus lines broker with a wide range of commercial property/casualty coverages distributed to retail agents through...
Apr 24 2020 // Patriot Growth Insurance Services, LLC has added Florida Southern Insurance, LLC (FSI) to the its platform. The partnership with FSI will enhance Patriot’s existing property and casualty insurance capabilities and...
Apr 23 2020 // During the April reinsurance renewals, SCOR Global P&C said it grew gross premiums by 5.7% to €504 million, while benefiting from broadly improving market conditions as shown by a 6.6% overall increase in...
Apr 22 2020 // Chubb said that the coronavirus pandemic’s effects on its bottom line were relatively benign in the 2020 first quarter. But all bets are off for the months ahead.The global property/casualty insurer reported net...
Apr 21 2020 // AXA XL announced a new leadership team and proposed changes to the operating model of its Insurance business following a strategic review.Key proposed changes to the operating model include the creation of a single global...
Apr 20 2020 // Compared to others, the property/casualty insurance industry is weathering the coronavirus crisis rather well.Property/casualty insurance is the least-impacted industry by the coronavirus pandemic, at least so far,...
Apr 20 2020 // I’m shocked, just shocked that you’re suggesting that during a crisis that insurance companies might in fact be considered the villains. I’ve never heard that before.”That’s Richard Levick...
Apr 16 2020 // Auto insurers have seen something new with the coronavirus pandemic: an historic reduction in driving due to millions of customers staying home and sheltering in place. That change led to carriers issuing between $8...
Apr 16 2020 // Soon after the attacks on the World Trade Center and other locations on the morning of September 11th, President Bush declared that the atrocities were “an act of war.” That statement prompted a call to me from...