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A.M. Best: First-Half 2018 P/C Results Rise

The U.S. property/casualty industry's net underwriting income improved in the first half of 2018 to $5.3 billion, compared with a $5.0 billion underwriting loss in the same prior-year period. This financial review is detailed in a new Best's Special Report titled, " A.M. Best First Look—First Half 2018 Property/Casualty Financial Results (subscription)."

The first-half 2018 underwriting results were driven by growth in net premiums written of 13.3% over the prior-year period, which offset a 3.8% increase in losses and loss adjustment expenses. With a more normalized level of catastrophe losses in first-half 2018, the industry's combined ratio improved 4.5 points from the prior-year period to 96.4, the lowest six-month period combined ratio for the last five years.

The property/casualty industry also recorded a $3.7 billion increase in net investment income and a $2.0 billion increase in realized capital gains. Coupled with the strong underwriting improvement, these items boosted industry net income to $33.6 billion, an $18.7 billion increase from the prior-year period.

Downgrades Rise But Upgrades Outnumber Them

A new report from A.M. says the first half of 2018 saw an uptick in rating downgrades for property/casualty insurers due to natural disasters in 2017; but financial outlooks remain positive since upgrades outnumbered downgrades.

The percentage of downgrades rose to 6.3 percent of all actions taken, up from 2.4 percent in the first half of 2017. Upgrades represented 7.1 percent of rating actions. The P/C industry improved its profit standing in the first quarter of 2018, Best noted, with a profit of $3.9 billion, compared to a loss of $840 million in the first quarter of 2017.

Upcoming PIA Events
09/25/2018 -- CISR Personal Auto

10/02/2018 -- North Shore Chapter Meeting

10/09/2018 -- CPIA-2 Implement For Success

10/10/2018 -- Baton Rouge Chapter Meeting

10/10/2018 -- CISR Elements of Risk

10/16/2018 -- CISR Personal Auto
(Baton Rouge)

10/16/2018 -- Acadiana Chapter Meeting

10/18/2018 -- CISR Personal Residential

10/23/2018 -- CISR Life & Health Essentials

10/24/2018 -- Pig Out with Northeast PIA - Flood CE and BBQ Family Social

Virtual Exhibit Hall

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Virtual Exhibit Hall

Disaster Relief Center
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Disaster Relief Center

Annual LDI Health Care Conference Crowne Plaza
Baton Rouge — October 23, 2018

Registration is now open for the Louisiana Department of Insurance Annual Health Care Conference to be held on Tuesday, October 23, 2018 at the Crowne Plaza Baton Rouge Hotel at 4728 Constitution Avenue in Baton Rouge. The registration fee for the Health Care Conference is $95 per individual. The conference will begin at 8:30 a.m. and end at approximately 4:00 p.m.

A special hotel rate of $97 per night for October 22 and 23 is available at the Crowne Plaza Baton Rouge Hotel. For reservations please call (225) 925-2244 and mention the Louisiana Department of Insurance Health Care Conference rate.

This health conference has been approved for six hours of continuing education credit for Life, Health and Accident producers licensed by the Louisiana Department of Insurance. In order to receive CE credit, producers must attend the conference presentations. Failing to attend the conference program or leaving early will result in either partial credit or no credit being earned.

Exhibitor spaces are going fast but contact Julie Freeman at jfreeman@ldi.la.gov for exhibitor information.

Please contact Crystal Stutes at (225) 342-4311 or Julie Freeman at (225) 219-4772 with any questions. You may also email the Department at healthcareconf@ldi.la.gov.

Study: Require Licenses for Robot Cars

According to a new Governors Highway Safety Association (GHSA) study, state governments should consider requiring licenses for self-driving car operators who could be called upon to seize control of an autonomous vehicle (AV). The report also advises states to "update traffic laws to accommodate AVs and help to prepare state driver licensing agencies to identify and register AVs and establish law enforcement policies and procedures regarding AV operations and train all patrol officers in these policies and procedures."

The group said the new requirements for licensing self-driving cars are needed because autonomous vehicles "for the foreseeable future will share driving responsibility with humans, and are likely do so for many decades."

Small Business Owners Have "Record High Optimism"

The MetLife & U.S. Chamber of Commerce Small Business Index for the third quarter of 2018 indicates that the majority (69.7 percent) of small business owners have a positive outlook about their company and the small business environment in the United States.

Their optimism continues to increase and overall business health is up one point from last quarter. The optimistic outlook, the current economic climate, and recent legislative reforms are creating a stronger environment for small business owners to grow their businesses.

"Small business owners once again are telling us that they are confident in the state of the national small business environment, and most have confidence in their local enivronments as well," said Jessica Moser, senior vice president for Small Business Solutions at MetLife.

Thanks to Our 2018 PIA Partners:

Capital Premium Financing

Excalibur National Insurance Company

LUBA Workers' Comp

Markel FirstComp

SafePoint Insurance

SageSure Insurance Managers, LLC

Stonetrust Commercial Ins. Co.