The surplus for the private United States property & casualty insurance industry dropped by $75.9 billion in the first quarter of 2020 — its largest-ever quarterly decline — as the stock market suffered a major downturn, according to Verisk and the American Property Casualty Insurance Association (APCIA). Since then, the COVID-19 pandemic has continued to affect many insurers and will likely impact underwriting results for the second quarter and the remainder of the year.
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