Kemper
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The pandemic’s reopening caused rapid increases in auto frequency and global disruptions in supply chains, leading to “disappointing” results, Kemper’s CFO said. -
Kemper’s specialty P&C loss ratio spikes, driven by legal developments and increased severity in personal injury protection coverage in Florida.
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The carrier also anticipates that Florida personal injury protection claims will exceed its historical expectations.
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Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The Chicago-based specialty company saw its combined ratio to spike to 116.1%.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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Personal auto carriers lowered rates in response to 2020’s loss cost trends, but chasing market share now could be a mistake.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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Joe Lacher will take over as non-executive chairman of Kemper, adding to his existing roles of president and CEO.
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Kemper Insurance reported a 46% year-on-year dip in operating profits for the first quarter of 2021, as natural catastrophe claims weighed on the company’s results.
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While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20.
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