P&C Surplus Fell in Q1 2020
The surplus for the private United States property & casualty insurance industry dropped by $75.9 billion in the first quarter of 2020 — its largest-ever quarterly decline — as the stock market suffered a major downturn, according to Verisk and the American Property Casualty Insurance Association (APCIA).
Other industry results remained steady or improved from a year earlier. Net income after taxes in first-quarter 2020 was $17.9 billion, essentially the same as in first-quarter 2019. The net underwriting gain in the first quarter was $6.3 billion, a 19.9 percent increase from a year earlier. Net written premiums increased to $164.4 billion in first-quarter 2020 from $154.7 billion in first-quarter 2019 — a 6.2 percent increase. View the full report from Verisk and APCIA here.