This quarter, large insurers were heavily impacted by the increase in frequency and claims of auto accidents as well as catastrophe losses from changes in weather patterns across the country. In response, carriers have started to determine what the appropriate approach is to rate-setting: some insurers that plan on raising rates include Allstate, Progressive, Root Insurance, The Hanover and The Hartford.
Despite the increased levels of weather-related catastrophes and risky driving patterns, insurers and policyholders have been taking this time to reevaluate their policies. According to A.M. Best, the P&C industry grew its net underwriting income by 28% in the first half of 2021 compared to the same period last year. Here are some key takeaways from large carriers’ earnings calls this quarter.