Here at the 2020 midway mark, it's confounding to consider just how much the world has changed since the year began. A few months ago, P&C insurance organizations mostly grappled with issues like fully embracing user-based insurance (UBI), maximizing data analytics and machine learning, implementing drone inspections, and continuing the push to innovate.
Then, COVID-19 and its corresponding financial grip supercharged the demand on insurers and insureds to adopt new tools and processes. The industry will continue to adjust as fallout from the virus pandemic impacts claim frequency and premiums. P&C insurance is poised to lose between $15 billion and $30 billion due to pandemic-related claims, according to S&P Global Ratings. Lloyd's of London says that figure could be as high as $203 billion.
So, while little changed at the top in the year since NU Property & Casualty last presented our annual Top 100 and Heads of Lines lists, which uses data provided by S&P Global Market Intelligence, the snapshot that these figures provide is most certainly a historic one.
Turning to the data that follows, reported net premiums written are based on the National Association of Insurance Commissioners (NAIC) statutory P&C insurance carrier statements filed by individual companies, which may include business written outside of the U.S., if reported on those NAIC statements. The rankings in individual lines (commercial auto, inland marine and fire, for example) reflect net premiums written (in $000s), with the exception of directors and officers and stand-alone cybersecurity. They're ranked by direct premiums written, as the NAIC does not disclose net premiums written for those lines.
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