Issue comes after push to improve diversity in insurance market this year
Cat losses near double to $990m as company hit by storms and wildfires
Digital transformation has long been heralded as a game changer for the insurance business. However, its impact has mostly been confined to insurers' front-end processes - with risk and capital functions proving more challenging to digitalise. Ronan McCaughey explains
US insurer's restructuring plan will cut around 8% of its workforce
State Farm Group, Heritage Insurance Holdings Group and Tokio Marine are the main writers for homeowners' multi-peril lines
Insurer also expects $400m subrogation wildfire-linked recoveries in Q3
Figure nearly half of full year 2019 losses, caused by weather in Texas and Midwest
The losses were for six events, plus unfavourable reserve re-estimates
But P&L underwriting income jumps 92% on fewer drivers in pandemic
US motor insurers have caught the headlines with multi-million-dollar rebates to customers. Their UK counterparts seem to be in the slow lane, but under the bonnet they are taking action, as Ronan McCaughey explains