July 2022

The Hartford announces second quarter 2022 financial results

The Hartford y announced financial results for the quarter ended June 30, 2022. “The Hartford delivered another quarter of excellent financial performance with a 12-month core earnings ROE of 14.0%. Results reflect premium growth and margin expansion in Commercial Lines, a 9.8% core earnings margin in Group Benefits and a significant contribution from partnership investment returns,” said Chairman and CEO Christopher Swift.

Travelers' income drops, but still beats profit estimates on record premium growth

Travelers Cos. Inc. reported a smaller-than-expected fall in quarterly profit on Thursday, as record premium growth cushioned a hit from higher catastrophe-related claims and lower returns on investments. The company’s core income fell to $625 million, or $2.57 per share, in the second quarter ended June 30, from $879 million, or $3.45 per share, a year earlier. Analysts on average had expected a profit of $1.97 per share, according to Refinitiv IBES data.

Chubb increases loss cost trends 'rather than be lagging and get caught': Greenberg

Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to "keep pace with loss costs, which are hardly benign." Greenberg said during the July 27 call to discuss second-quarter earnings that Chubb has increased the infalation factors it is using in loss ratios to set rates that can keep pace.

Allianz report identifies the top causes of claims worldwide

Identifying emerging and evolving risks in the ever-changing insurance landscape is a little like looking into a crystal ball and trying to see into the future. However, the annual Global Claims Review 2022 from Allianz Global Corporate & Specialty (AGCS) provides a well-documented look at the top loss sources and emerging trends based on claims from more than 200 countries and provides insights on what risks insurers should be monitoring.

Best's Rating: Progressive remains top U.S. auto liability writer as industry direct premiums written rise 6.1%

U.S. automobile liability direct premiums written increased 6.1% to $194.5 billion, according to a Best’s Ranking. Progressive Insurance Group retained the No. 1 spot with $29.67 billion in direct premiums written, a 14.6% increase. Other top-10 auto liability insurance groups saw single-digit increases except for USAA Group and Nationwide Group, which saw premiums decline.

Berkshire Hathaway GUARD to cease writing some HO risks

Berkshire Hathaway GUARD Insurance Cos. announced it will no longer write certain classes of homeowners insurance risks. In a notice sent to GUARD agencies at the end of June, the carrier stated it would no longer accept new submissions for homeowners coverage for any property that is either: a dwelling with more than two families, or has an ISO Public Protection Classification of 8, 9, 10, X or Y. This change applies to all states. However, renewal business in not impacted..