"Property/casualty insurers started the year with solid net written premium growth, but that was the calm before the storm," Robert Gordon, senior vice president for policy, research and international at APCIA, said in a statement. (Credit: Shutterstock)

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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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].