May 11, 2021
Business News

Best’s Market Segment Report: COVID-19 Cuts Into Profitability of U.S. Inland Marine Insurance Market

OLDWICK, N.J.–()–The U.S. inland marine insurance segment experienced a significant downturn in profitability in 2020, with its loss ratio deteriorating by nearly 16 percentage points amid the COVID-19 pandemic, according to a new AM Best report.

The Best’s Market Segment Report, “Significant Impact on Inland Marine Insurers’ Profitability from COVID-19,” notes that any result in the inland marine line, which consistently has outperformed the rest of the U.S. property/casualty (P/C) industry, fell behind the broader industry in 2020. The segment also saw its first decrease in direct premiums written in more than a decade in 2020, down 2.6% from 2019. Still, the premium amount was greater than that seen…

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