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ITA Pro Weekly, June 28, 2019

P&C Net Income Up, Goodville Mutual Insurance, the Hanover Insurance Group and other news from the ITA

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Hot off the Presses!

Best’s Special Report: U.S. Property/Casualty Industry’s Net Income Increased 69% in 2018

 The year-end statutory filings for the U.S. property/casualty (P/C) industry showed a year-over-year 69% increase in net income to $59.2 billion in 2019, owing to lower losses from catastrophic events, favorable development of prior years’ loss reserves and higher net investment income, according to an AM Best special report.

The new Best’s Special Report, titled, “Generally Favorable 2018 Statutory Results for Property/Casualty Insurers,” states that net premiums written (NPW) also rose significantly, due in part to the 2017 Tax Cut and Jobs Act (TCJA), as changes in accounting rules for internal transactions with foreign affiliates led to revisions and terminations of reinsurance agreements with off-shore affiliates. AM Best estimates that about half of the 10.8% increase in NPW to $617.4 billion in 2018 resulted from these changes, with rate and exposure changes also contributing to NPW growth.

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Goodville Mutual Selects Cloverleaf Analytics
for Better Business Insights


Cloverleaf Analytics (Cloverleaf), an insurance-ready, enterprise business intelligence (BI) and analytics solution provider, is pleased to announce that Goodville Mutual Casualty Company (Goodville Mutual), a Pennsylvania-based property and casualty (P&C) insurer, has selected Cloverleaf’s BI solution as the platform for acquiring better insights into opportunities for improving operational efficiency and enhancing overall customer experience going forward. 

Focused on providing top-quality P&C insurance products to homeowners and businesses throughout Pennsylvania and Ohio, Goodville Mutual prides itself on maintaining outstanding customer service and a high degree of social and civic responsibility, giving back to the community regularly through charitable initiatives. Goodville Mutual selected Cloverleaf in part due to the insurance-specificity of the company’s BI offering, as well as the configurability and flexibility the solution utilizes to address company and product-specific information and analytical requirements. 

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Analyst Blog

Are Commercial Lines Insurers Investing in Traditional Foundational Technologies?

Nowadays, transformation is a top buzzword in the insurance world. But beyond the buzz, it reflects what is happening in the insurance industry today – as a whole and within each company. It turns out that there is a lot going on in the commercial lines sector. According to recent SMA research, half of P&C insurers state that their company is in “transformation mode.” These insurers will be the leaders that are reshaping the industry as they position themselves for further success.

SMA has just released a new research report, "Foundational Technologies in Commercial Lines Insurance: Investment, Adoption, and Business Areas." The report investigates the state of the foundational technology landscape in commercial lines insurance (those technologies that insurers have been investing in for decades, for example, technologies that support or enhance BI, core transformation, new products and services, and workforce transformation).

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Breaking News from the Insurance Industry
 
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