Home insurance rates are rising, with a projected 6% increase and severe weather states like Louisiana facing a 23% surge. Reinsurance challenges add to the concern.
AIG reported quarterly earnings of $1.79 per share which beat the analyst consensus estimate of $1.64 by 9.15%. The company reported fourth-quarter net premium written of $5.61 billion, an increase of 3% year-over-year.
Wall Street witnessed one of the worst sessions since the beginning of the year, with widespread declines across the board as stocks were hit by the impact of a higher-than-expected inflation report.