US insurers take $1.1bn hit amid first-quarter losses – The Royal Gazette
Created: Jun 09, 2025 07:16 PM (Updated: Jun 09, 2025 08:06 PM) The Eaton Fire in January destroys a structure in Altadena, California (Photograph by Ethan Swope/AP)The US property and casualty insurance industry posted a $1.1 billion net underwriting loss in the first quarter, a sharp reversal from a $9.4 billion gain during the same period last year, according to a new report by AM Best, the credit rating agency.The losses were largely attributed to January’s devastating wildfires in California, which drove catastrophe-related claims sharply higher. AM Best estimates that...