قالب وردپرس درنا توس
Home / Insurance / Insurance income from US property / accident disrupted 86%

Insurance income from US property / accident disrupted 86%



The US real estate / accident industry's net subscription revenue decreased by 86% in the first nine months of 2020, compared to the previous year, to $ 600 million, as insurers reported COVID-19 related increases in insurance costs and dividends to according to an AM Best Report released Monday .

Report by Oldwick, New Jersey-based A.M. Best is based on nine months '2020 statutory statements received on November 18 and accounts for 97% of the total industry's net premiums and 96% of policyholders' surpluses.

The report states that the reduction in insured exposures due to home orders and government-ordered business closures in response to the pandemic led some certain / accident insurers to provide premium credit, while repayments and policyholders' dividends increased as required by existing insurance terms. Voluntary premium repayments can be reported as a guarantee cost if certain conditions are met, according to the report.

The total industry ratio for nine months 2020 was 98.7%, compared to 98% for the comparable period last year.

AM Best estimates of disaster losses were 8.3 points of the combined ratio compared to estimated 4.4 points for the comparable period 201

9.

Catalog


Source link