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The First Quarter of 2017: An Insurance Loss

Posted By Administration, Tuesday, May 30, 2017

The A.M. Best First Look—1Qtr 2017 U.S. Property/Casualty Financial Results report said the first quarter of 2017 is the first first quarter in five-years that the insurance industry has shown a net underwriting loss.

The loss is $841.5 million and is a far cry from the $2 billion net profit in underwriting in the first quarter of 2016.

According to A.M. Best:

  Net income dropped to $7.3 billion — a 45% decline from 2016’s first quarter

  Net investment income rose 9.5% to $11.9 billion

  Half of that was offset by a $5.9 billion loss in other income

  The industry surplus hit a record $696.9 billion driven by $8.5 billion in unrealized gains, surplus gains and a reduction in stockholder dividends

A.M. Best said the P&C industry combined ratio for the first quarter is 99.7 compared to 97.7 in the first quarter of last year.

Another impact is catastrophe losses. They came in at $7.6 billion. That’s up 48% from a year ago and accounted for 6 points on the combined ratio.

A.M. Best also noted that the results — of course — will vary depending on the insurer. AIG, Allstate, CNA, The Hartford and Chubb all had a better quarter one than a year ago.

Liberty Mutual and Travelers saw profits fall from storm losses.

 

Source link: Insurance Journal

Tags:  Insurance Content  Insurance Industry  Insurance News  The First Quarter of 2017: An Insurance Loss  Weekly Industry News 

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