P&C insurers return billions in premiums – AM Best

P&C insurers return billions in premiums – AM Best

US property and casualty insurers returned premiums of more than $12.9 billion last year associated with reduced exposures due to the COVID-19 pandemic, according to a report from AM Best.

For a new Best’s Commentary, AM Best reviewed the 2020 statutory statements and related footnote disclosures for more than 2,600 US P&C insurers. While the line of business was not always disclosed, the most prevalent line was related to auto coverage, AM Best said. Stay-at-home restrictions cut down on the amount of travel, thereby reducing exposure for auto insurers.

Other lines of business substantially impacted by the

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