Personal lines fuel growth in premiums

Article Abstract:

The total value of property/casualty insurance premiums written in 1994 was $255.1 bil, up 3.4% from 1993 but a slower growth from 4.8% the previous year. Personal line premiums grew 5.2%, whereas commercial lines grew 2.5%. Automobile insurance premiums increased 4.6% to $116.4 bil. Workers' compensation premiums declined 7.8% to $31.2 bil. Multiple peril homeowners insurance premiums rose 6.8% to $24.2 bil. Earthquake insurance premiums rose 26.6% to $970 mil. Tables present premiums and leading underwriters by state, premiums written by line, and the market share of the top 20 insurers.

Industry Overview

---

Net income plummets on quake aftershocks

Article Abstract:

The property and casualty insurance industry suffered a downturn in net income in 1994 amid losses caused by the Northridge, CA, earthquake. Net income dropped 43.7% during the year to $10.9 billion compared with 1993 figures. Collective net operating income was $9.3 billion, down 10.9%. The State Farm Group led all companies in operating income, with premiums of $31.3 billion. State Farm was followed by Allstate Insurance Group, Farmers Insurance Group, and American International Group, respectively.

Economic aspects, Northridge, California, Earthquake, 1994

---

Soft pricing, competition dampened 1995 premiums

Article Abstract:

An analysis of net premiums in the property and liability industry during 1995 indicates that growth occurred at a 3.6% rate. Insurance companies complained that rate competition and a number of catastrophes hurt their financial gains on the year. The largest ten property and casualty companies wrote $103.8 billion in net premiums over the course of 1995, a 3.3% rise over 1994 premiums. State Farm Group topped the list with $33.3 billion in net premiums.

Finance

Similar abstracts:

• Abstracts: Top companies control the lion's share of premiums. How the industry operates. Strong underwriting and lack of catastrophes bolster insurers' profits
• Abstracts: Recovery on track, but net is still down. Personal lines drove growth in 1995 premiums. Corporate changes: mergers and acquisitions set record
• Abstracts: Shed the sales hat; tell clients the facts. Industry needs to improve electronic sales methods. Life sales get a boost from work site selling
• Abstracts: A.M. Best improves rating structure for 1992. NAIC embraces push for reform with accreditation plan review. NAIC holds first open budget meeting
• Abstracts: Is it time for a product rating system? Making the case. International rating update. Best's Rating Monitor: annual review of international companies

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.