When insurance firms launched social media initiatives, the results were rewarding.
WASHINGTON, Jan. 14 -- The National Association of Insurance Commissioners issued the following news release:
The National Association of Insurance Commissioners (NAIC) released the Report on Profitability by Line by State in 2012. The report estimates and allocates profitability in property/casualty insurance by state and by line of insurance. The ability to analyze results on a by state by line basis enhances transparency on the financial impact that the economic climate has had on each of these lines. Combined with other information, this can be utilized in further analysis of competition and market performance.
The Report on Profitability by Line by State in 2012 combines by line and by state calendar year data from certain exhibits of the annual statement to develop estimates of profits on earned premium and the return on net worth by line and by state. The report also shows the various components of estimated profits including: premiums earned; losses incurred; loss adjustment expense; general expenses; selling expenses; state taxes, licenses and fees; dividends to policyholders; changes in premium deficiency reserves; underwriting profits; investment income and federal income taxes. As fluctuations in calendar year financial results occur, long-term historical averages are also provided.
The complete report is also available for purchase through the NAIC Store. http://www.naic.org/store_home.htm
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