Net losses from catastrophes last year hurt property-casualty insurers’ earnings last year, but they still remained profitable, according to a new analysis.

Private U.S. property-casualty insurers saw their net income, after taxes, rise to $34.7 billion last year, an increase from the $28.7 billion from the prior year.

In an effort to streamline the process of reporting possible fraud in a filed claim while also saving state insurance departments time and money, three national insurance groups are pooling resources.

GUARD Insurance Group has begun offering Businessowner’s Policy (BOP) coverage in Maryland, a complement to its traditional specialty workers’ compensation insurance for small- to medium-sized accounts.

Private U.S. property-casualty insurers saw a partial rebound in their net income after taxes for the first nine months of last year when compared to 2008, but still lagged when compared with 2007.

The current recession and the increased use of technology have resulted in the Maryland Insurance Administration receiving nearly double the referrals of fraudulent activity this year versus 2008.

Guard Insurance Group is now offering its Businessowner’s Policy coverage, with additional Commercial Excess Liability policy access, in New York.

In light of a drop in income and overall profitability for the first half of the year, the property-casualty industry remains “profitable,” according to a national trade organization.

The first quarter, with huge investment losses and a worsening recession, was the worst on record for private U.S. property-casualty insurers since quarterly results began to be compiled in 1986, …  Read →