Insurer Profits Hard Hit By Catastrophes
According to a
from Verisk Analytics Inc.
and the American Property
Casualty Insurance Association, net income for the U.S. property and
casualty insurance industry dropped by 27.5% to $35.1 billion over the
first nine month of 2020. The report also notes that the industry's
combined ratio worsened to 98.8% as of Sept. 30, 2020. In the first nine
months of 2019, the industry's combined ratio was 97.8%. The decline in
combined ratio comes as net underwriting gains fell to $300 million from
$5.4 billion in 2019.
Meanwhile, net written premium growth accelerated
to 2.9% for the
2020 period, up from 2.7% for the same period in 2019. The deterioration
in underwriting results was due in part to increases in catastrophe-related
losses, which more than doubled to $47.1 billion for the 2020 period.
"Insurers in the third quarter of 2020 continued to be hammered by
COVID-19, natural catastrophes and civil unrest losses," APCIA's Robert
NAIC Announces 2021 Regulatory Priorities
The National Association of Insurance Commissioners (NAIC) has
announced strategic priorities for 2021
NAIC members decide on the priorities and
discuss potential workplans annually following the announcement of the
organization’s Officer and Committee appointments.
"This year marks 150 years of NAIC members
being unified in their
commitment to protect consumers and ensure fair, competitive, and
healthy markets," said NAIC President and Florida Insurance
Commissioner, David Altmaier. "In 2021, we will continue this
tradition and find ways to advance solutions that help foster a
robust and responsive insurance sector that provides consumers with
safe and reliable insurance products."
Commissioner Donelon Names New Executive
and Deputy of Public Affairs
Insurance Commissioner Jim Donelon announced today his appointments of
James "David" Caldwell, Jr. as Executive Counsel and Rebecca Mowbray as
Deputy Commissioner of Public Affairs.
"The Louisiana Department of Insurance is lucky to have recruited someone
of David's caliber and experience to the Executive Counsel position,"
said Donelon. "His work in both the public and private sectors as a
prosecutor and as a civil litigator gives him a broad base of experience,
and his extensive background in criminal investigations will be invaluable
to the department as we continue our work in protecting consumers from
Caldwell served as Deputy Director of the Criminal Division of the
Louisiana Department of Justice from 2008 to 2016. In that role, he was
responsible for the daily operations within the Criminal Division, which
included oversight of the Medicaid Fraud, Insurance Fraud and
Investigations divisions, and drafted legislation on behalf of the
department. While at the justice department, he created the Public
Corruption and Special Prosecutions Division in 2008 to address the
need for focused state enforcement of public corruption and complex
white-collar crimes in the state and led the group as its director.
Most recently, he has worked in private practice and as Field Counsel
for Liberty Mutual Insurance Company in Texas.
Caldwell earned a Juris Doctorate from Tulane Law School and studied
English and Russian at Louisiana State University.
Mowbray covered property insurance issues and rebuilding for the
Times-Picayune after Hurricane Katrina. She worked as a journalist
for more than 15 years at the Times-Picayune, the Houston Chronicle,
and other publications. Most recently, she served as Assistant Inspector
General for Inspections and Evaluations at the City of New Orleans Office
of Inspector General.
"Rebecca has really been in the trenches of insurance issues since she
covered the aftermath of Hurricane Katrina," said Commissioner Donelon.
"Through her work in journalism, she has honed the ability to make
complicated subjects relatable to general audiences and has a keen grasp
on what information is important to consumers looking for assistance.
I am happy to welcome her to the team."
Mowbray earned a master's degree in journalism at Northwestern University
and a master's in international relations at Tufts University. She studied
political science and English at Skidmore College.