Market Trends of Property and Casualty Insurance Industry
This section covers the major market trends shaping the US Property & Casualty Insurance Market according to our research experts:
RPA is Going to Help in Quick Process:
For insurance, Robotic Process Automation (RPA) is described as implementing software robots that can be configured customized for each device, without using code. These software robots support their real-life knowledge-workers with monotonous and repetitive tasks in insurance work, such as data input. Adoption of the RPA in the insurance has specific benefits including faster claims processing, easier policy cancellation, simplified new business onboarding, easy transition many more.
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Increase in net premiums written in P&C sector:
The property and casualty (P&C) sector in 2018, the industry saw net income soar 66% to USD 60 billion, also 10.8% boost in net premiums written and nearly breaking even on underwriting (after losing USD 23.3 billion the year before). U.S. insurer results declined a bit but remained positive in the first half of 2019, with the industry posting an underwriting gain of USD 5.4 billion (down from USD 6.1 billion for the same period in 2018) and a profitable combined ratio of 97.3 (up from 96.2).
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