X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
“As we had believed, the crisis has turned out to be an earnings event for GMIs, and a manageable one — not a serious capital event. That is, no insurer in this group fell into a position where its capital resources became insufficient to meet expectations by regulators,” explained Marc-Philippe Juilliard, S&P Global Ratings analyst. (Credit: Viacheslav Lopatin/Shutterstock.com) “As we had believed, the crisis has turned out to be an earnings event for GMIs, and a manageable one — not a serious capital event. That is, no insurer in this group fell into a position where its capital resources became insufficient to meet expectations by regulators,” explained Marc-Philippe Juilliard, S&P Global Ratings analyst. (Credit: Viacheslav Lopatin/Shutterstock.com)

While 2020 was challenging, the impact on global multiline insurers (GMI) was limited, according to S&P Global Ratings, which noted the pandemic cost the 16 GMIs it rates around $8 billion. Overall, the rated companies saw net income of $36 billion for the year.

While one-off items related to COVID-19 reduced net income by about $12 billion, S&P noted the past year’s income represented an earnings event for the industry, meaning income was impact but solvency was not threatened. GMIs in commercial property & casualty lines were the hardest hit and accounted for more than half of the pandemic-related drop in net income among the 16 GMIs rated by S&P.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.