Insurers
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Last week featured the first new data points on Q2 earnings with Progressive and Truist reporting. But P&C earnings season really kicks off this week with the traditional frontrunners set to report.
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Severe weather in early April led to $50mn in losses, while civil unrest in May and June will cost the insurer $29mn.
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The carrier is expecting to report a combined ratio of between 98% and 99% for the second quarter.
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The insurer does not expect Covid-19 losses to have a material impact on its second quarter earnings.
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The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.
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With all P&C major target asset classes up in Q2, carriers are set to report substantial book value gains from investments, reversing the balance sheet hit from the previous quarter.
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In the equivocal macro environment heading into Q2 results, P&C stocks outperformed the market.
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