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Insurers — Surplus Hits a Record 1st Half of 2019

Posted By Administration, Tuesday, November 5, 2019

The first half of 2019 saw the property-casualty insurers in the U.S. pile up the largest surplus in history. It hit $802.2 billion says Verisk and the American Property Casualty Insurance Association (APCIA).

That’s a $60.1 billion gain over the record set last year in September. It was $781.6 billion.

The report also said net income after taxes and underwriting gains are still strong in spite of a small drop over last year:

  Net income fell to $32.8 billion from $34 billion in the first half of 2018

  Net underwriting gains fell $5.4 billion from $6.0 billion in the same period

  Net written premium grown fell to 1% after being 13.2% in the first half of 2018

  Reinsurance arrangements are the reason

  Net earned premiums rose 3.8%

  The combined ratio dropped to 97.3 from 96.2 in the first half of 2018

  Net losses and loss adjustment expenses (LLAE) fell to $13.7 billion from $14.7 billion a year earlier

 

As for the 2nd quarter:

  Net income after taxes fell to $14.9 billion from $16.9 billion in the second quarter of last year

  The combined ratio fell to 98.9 from 97.7 a year ago

  Net written premiums — however — are up

  They are up $4.9 billion — or 3.1% — to $160.3 billion compared to $155.5 billion in the 2nd quarter of 2018

  Net underwriting gains dropped to just $0.1 billion from $1.9 billion

 

Source link: Carrier management

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