Tag: p&c insurance industry

Property and casualty insurance industry in the U.S. sees massive income increase

Property insurance News commercial P&C insurance

The net income for this sector has doubled when compared to the same period the year before. A report on the property and casualty insurance industry has indicated that compared to 2011, when the first nine months brought in a net income of $12.3 billion, the first nine months of 2012 saw well over double that amount at $31.2 billion. Though this does not include Hurricane Sandy data, the report believes that will have “only a modest impact”. The report was created by A.M. Best, and was entitled “U.S. P/C…

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Consumer group accuses P/C insurance industry of foul play in new report

H. Cutner

The Consumer Federation of America (CFA) and the property/casualty insurance industry are clashing. Late last week, the CFA released a report titled “The Insurance Industry’s Incredible Disappearing Weather Catastrophe Risk.” The report accuses the P/C insurance industry of “overcapitalizing” and making no effort to cover the risks of floods and terrorism. The CFA is urging state and federal insurance regulators to take action and prevent insurers from imposing any more costly rate hikes. Insurers have a different perspective. As a whole, the industry is decrying the report. They are arguing…

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Report shows the rocky road of the property casualty insurance industry during 2011

ISO, a risk assessment firm specializing in the property/casualty insurance industry, and the Property Casualty Insurers Association of America (PCI) have released a new report showing the impact natural disasters had upon the P/C insurance industry in 2011. This year has become infamous for the number of severe storms and other natural disasters that have rocked the U.S. and other nations. The report notes that while the property/casualty industry grew in some aspects, it saw steep losses in others, with the most severe losses coming in a short 9-month period.…

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Consumer group issues report accusing insurers of needlessly high rates – Insurance Institute claims report is faulty

Americans for Insurance Reform, a consumer advocacy group, has released a new report regarding the property/casualty insurance industry in New York. The report accuses P/C insurers of excessive rate increases that have slowed the financial recovery of individuals and businesses in the wake of the 2008 economic recession. The group argues that these needlessly high rates may be leading to a new liability insurance crisis in the U.S., one that may set the economy back even further. The group claims that the insurance market throughout the U.S. has been “soft”…

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Post 9/11 insurance industry is vastly different, says report

S.Vagus

This weekend marks the tenth anniversary of the September 11 attacks which brought down New York City’s World Trade Center. Since the attack, the political landscape has changed dramatically, a shift that has been mimicked throughout society as terrorism more people became aware of terrorism. Many things changed in the wake of 9/11, and while many of these changes resided within the boundaries of the nation, the entirety of the world’s insurance industry underwent a drastic shift. The Insurance Information Institute (I.I.I) has been studying the changes in the worldwide…

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