PCI News

Deadly California Wildfire Insurance Claims Top $3.3B

Property damage claims from a series of deadly October wildfires now exceed $3.3 billion, California Insurance Commissioner Dave Jones said Tuesday. The figure represents claims for homes and businesses insured by 15 companies and is more than triple the previous …

Poll: Few American Commit to Disaster Preparedness

Following hurricanes Harvey and Irma, the Property Casualty Insurers Association of America (PCI) is encouraging Americans to increase their commitment to natural disaster preparation. A poll taken prior to the storms found that fewer than one quarter of Americans have …

PCI: 9 States Enact Tougher Distracted Driving Laws in 2017

As auto accidents and fatalities increase on America’s roads, 9 states enacted laws and three states have legislation on the governor’s desk to combat distracted driving by strengthening enforcement, increasing penalties and fines, and focusing on education and awareness efforts …

P/C Insurers Report $4.7B Net Underwriting Loss in 2016

Private U.S. property/casualty insurers suffered a $4.7 billion net underwriting loss in 2016-following an $8.9 billion net underwriting gain in 2015-and experienced a 25 percent drop in net income after taxes to $42.6 billion from $56.8 billion a year earlier, …

Zero Deductible Auto Glass Replacement Targeted by Insurer-backed Arizona Bill

Rock-shattered windshields are such a common occurrence on Arizona roads that insurance companies have long been required to replace broken glass for free to drivers with full coverage policies. It ends up being a big expense to insurance companies that …

PCI: 5 Key Teen Driving Risks

In conjunction with National Teen Driver Safety Week October 16-22, a new poll released by the Property Casualty Insurers Association of America (PCI) highlights the need for more parents to discuss the greatest dangers young drivers may be facing – …

Current Workers’ Comp System Outdated, Contributes to Worker Poverty

The century old state workers’ compensation system is outdated, according to the U.S. Department of Labor. The system needs to be reset and reshaped to address the needs of today’s employees, according to David Michaels, the assistant secretary of labor …

Verisk Analytics: P/C Insurers Report $1.5B Net Underwriting Loss in First Half of 2016

Private U.S. property/casualty insurers reported a $1.5 billion net underwriting loss in the first half of 2016-the first year-to-date net underwriting loss in more than three years-and saw their net income after taxes drop to $21.7 billion in first-half 2016 …

PCI: Most Walkable Cities May Be Most Dangerous for Pedestrians

A recent online survey conducted in June 2016 by Harris Poll on behalf of PCI among over 2,000 U.S. adults shows that the U.S. cities that are considered the most walkable may also be the most dangerous for pedestrians. When …

P/C Insurer Profitability Up, Combined Ratio Down in First Nine Months of 2015

Private U.S. property/casualty insurers’ net income after taxes grew to $44.0 billion in the first nine months of 2015 from $37.8 billion in nine-months 2014, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus …