Personal auto

Allstate facing $350mn pre-tax cat hit in May

Allstate has estimated a pre-tax hit of $350mn from a series of catastrophe events that struck the US during May.

Root branches out into homeowners with Homesite partnership

Auto insurtech Root has launched a homeowners insurance product in a partnership with American Family Insurance affiliate Homesite.

Travelers extends Covid-19 auto credit programme to June

Travelers has extended its Stay-at-Home auto premium credit programme for another month with the company’s personal auto insurance customers now also set to receive a 15 percent credit on their June premiums.

Pricing and regulatory pressures to hinder UK motor sector growth: Investec

Despite UK personal lines insurers materially outperforming the rest of the insurance market during the Covid-19-driven sell-off in the first quarter of 2020, investment bank Investec has offered a pessimistic view for the sector with price competition and regulatory pressures set to hinder growth into 2021.

Allstate extends payback plan with others likely to follow

Allstate is extending its Shelter-in-Place Payback programme to the end of June in a move which will see the carrier return more than $1bn to customers over three months, as Wells Fargo Securities analysts predict other carriers will continue their own refund plans.

UK auto insurtech By Miles raises £15m

UK auto insurtech, whose policies are underwritten by a panel of insurers including Axa Insurance UK and Tradewise Insurance, has closed a £15m ($18.3mn) Series B funding round.

Progressive’s April loss ratio drops as Covid-19 lockdown impacts results

US auto giant Progressive saw its April 2020 loss and loss adjustment expense ratio plummet by 18.7 percentage points year on year reflecting the drop off in accidents that has arisen from the Covid-19 lockdown.

UK motor profits could triple as drivers stay at home: Jefferies

A sharp reduction in driving by UK motorists could slash 21.5 points from insurers’ combined ratios for the business line if the lockdown extends through to the end of Q3, potentially tripling underwriting profits, according to analysis from Jefferies.

Perils adds Aus motor in 2020 exposure database launch

Catastrophe insurance data firm Perils has launched the 11th iteration of its Industry Exposure Database (IED) which for the first time also includes a detailed industry exposure portfolio for the motor line of business in Australia.

Travelers to continue push for rate despite Covid-19 impact

After reporting strong momentum on pricing in its business insurance unit earlier today, Travelers said it will continue to seek rate where it is required on its book, despite the impact of Covid-19 on the economy.

Admiral unveils £190mn Covid-19 response

The UK’s largest motor insurer Admiral has become the country’s first carrier to respond significantly to the drop-off in driving activity brought about by the Covid-19 outbreak by handing back £110mn to its policyholders.

Covid-19 impact on driving fuels big drop in Progressive loss ratio

US auto insurer Progressive provided the first real data point on the exposure impact of the coronavirus shutdown as it reported a significantly lower loss ratio in March because of a fall-off in claims frequency in the last three weeks of the month.

Margin squeeze drives AM Best negative outlook on UK non-life

AM Best has maintained its negative outlook on the UK non-life insurance sector citing further pressure on underwriting margins as Covid-19 forces a slowdown of economic activity.

Selective offers auto customers 15% premium credit

Selective Insurance Group has become the latest US auto insurer to offer customers a premium credit to reflect the drop-off in driving activity brought about by the Covid-19 outbreak.

Chubb and CinFin latest to offer auto discounts

Chubb and Cincinnati Financial have become the latest US insurers to offer auto policyholders credits owing to the reduction in driving activity arising from the Covid-19 outbreak.

Farmers and Travelers join US carriers in auto premium rebates

Overnight, the US retail division of Zurich, Farmers Group and Travelers became the latest carriers to offer customers auto premium rebates to reflect the reduction in driving during the coronavirus lockdown.

Non-standard auto market frets over US state mandates

BMS has revealed that the biggest Covid-19-related concern among non-standard auto carriers, MGAs and reinsurers is US states putting moratoriums on policy cancellations for non-payment, while a reduction in premiums could leave smaller MGAs fighting for survival.

Admiral reduces UK motor XoL amid “significant” price rises

Rough ride in auto continues

Hallmark Financial’s announced exit from binding primary auto business demonstrates the long road to recovery that many underwriters face before the issue of claims severity disappears in the rear-view mirror.

State Farm P&C UW profit down 54% driven by auto losses

An underwriting loss of $764mn at State Farm’s auto insurance business was the driving force in a 54 percent decline in the US insurance giant’s P&C underwriting profit in 2019.

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