A new report by Fitch Ratings reveals that not only are US personal line insurers expected to see underwriting profits this year despite the pandemic, but there could be soon a reshuffle of America’s top insurers.
The report said that the ongoing pandemic is “substantially affecting” the insurance industry in terms of underwriting and investment. Personal line insurers, in particular, are heavily impacted by the decline in risk exposures related to changes in economic and social activity, Fitch Ratings said. These changes include reductions in drivers’ miles, which have led to falls in near-term claims frequency for auto insurers, boosting their profits.
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