Insured pandemic losses for P/C won’t be accurately tallied for years, says Fitch

Insured pandemic losses - Store Closed Sign - COVID-19 lockdown

Property/casualty insurance companies recorded only modest loss increases in Q4 2020. According to Fitch Ratings, insured pandemic losses in the property/casualty sector rose only slightly in last year’s fourth quarter. That said, the final tally has yet to be calculated and, according to the US credit rating agency, it will be several years before it can be. Litigation is holding up the tally for business interruption, general and professional liability, and others. P/C insurers have managed to widely keep up capital strength since the pandemic started, said Fitch. Equally, pandemic-related…

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Insurance Information Institute reports on job loss and gain in the insurance industry

Despite record profits this year, the insurance industry continues to shed jobs. The Insurance Information Institute has released a new report highlighting the losses in the property/casualty insurance sector. Signs of an improving economy may not be enough to help the industry keep its workforce employed, especially when confronted with costly losses due to this year’s natural disasters. The Institute’s report relied on data collected by the U.S. Labor Department’s Bureau of Labor Statistics. Apart from a still turbulent economic climate, the industry has been downsizing as a result of…

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