The US property / non-life insurance industry's overall financial performance decreased in 2018 for the second consecutive year, as above average disaster losses hit results, credit rating agencies A.M. Best said Friday in a report.
Hurricanes Michael and Florence, as well as historic fires in California, once again put property / non-life insurance on the test, A.M. Best said in the report.
Costs are slightly exceeded revenue in 2018, as a 3.2% decrease in net investment increased 3.1% increase in premium income, says the rating agency.
Property / non-life insurance company reported a 6.8% decline in total operating income to $ 20.4 billion in 2018, mainly due to a decline at the end of the year in the stock market, the report says.
Tax reform implemented in the calendar year 201
The effect of these tax breaks caused a reduction of the total income tax provision by 70%, resulting in net sales of property / non-life insurance companies rising to $ 17.1 billion, best reported in the report.
Part of this increase from tax cuts will probably be transferred to the shareholders through the repurchase of shares and dividends in 2019, the report said.
In 2018, however, total dividends and share buy-backs decreased by 95%. 19659002]