It's been nearly one year since COVID-19 was declared a global pandemic and an understanding of how much the health crisis has impacted property & casualty (P&C) insurers' profits is emerging.
According to a new report from Verisk and the American Property Casualty Insurance Association (APCIA), major losses last year caused the P&C industry's net income after taxes to drop 27.5% to $35.1 billion in the first nine months of 2020. Net underwriting gains also declined to $0.3 billion from $5.4 billion a year prior.
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