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Private P&C insurers’ net income after taxes declined by more than $13 billion in the first nine months of 2020 compared to the same period in 2019, according to a Verisk and APCIA report. (Photo: enciktepstudio/Shutterstock)

It’s been nearly one year since COVID-19 was declared a global pandemic and an understanding of how much the health crisis has impacted property & casualty (P&C) insurers’ profits is emerging.

According to a new report from Verisk and the American Property Casualty Insurance Association (APCIA), major losses last year caused the P&C industry’s net income after taxes to drop 27.5% to $35.1 billion in the first nine months of 2020. Net underwriting gains also declined to $0.3 billion from $5.4 billion a year prior.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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