Fixer-upper time: statistical study: competitive pricing and catastrophes slammed the homeowners insurance line anew in 1996

Article Abstract:

The homeowners insurance industry suffered losses and setbacks in 1996 due to competitive pricing and large number of catastrophes. Premiums have increased but observers believe that many of the policies have been issued without consideration for pricing. This is due to the offer of additional coverage for water and ice damage. Severe winter storms, hailstorms including hurricanes Bertha and Fran combined to produce catastrophe losses of $7.35 billion which is only surpassed by the 1992 level of $22.9 billion.

Fire, marine, and casualty insurance, Fire & Theft Insurance, Economic aspects, Business insurance, Homeowners' insurance

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Perilous times for commercial multi-peril: statistical study: record losses and a lack of premium growth pummeled the commercial multiple-peril sector in 1996

Article Abstract:

Commercial multi-peril insurance business suffered yet another year of losses in 1996. Its underwriting loss of $3.49 billion is exceeded only by 1992 losses. This is mainly due to catastrophes coupled with asbestos and environmental coverages together with practically stagnant premium growth. The line's net combined ratio rose by almost six points to 118.3 which is the sixth-highest result since 1983.

Property & Liability Insurance, Surety insurance, Industry Overview, Property and casualty insurance

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