An American National insurance claims industry survey says the third-quarter revenue from American National insureds increased by $1 billion to $1,628 million, and the industry was the biggest single contributor to the U.S. economy in the three months ending June 30.
In a release Tuesday, the Association of Insurance Agents and Brokers (AIAB) said the surge in premiums and claims in the fourth quarter was driven by a strong recovery in the insurance market.
It was the first increase in American National claims in four years.
The fourth-quarter surge is the second biggest in three years, according to AIAB.
It is also the third consecutive quarter that American National’s claims increased.
The last time claims increased was in 2008, according the AIAP.
The third- quarter spike came as American National suffered a setback on the health care front.
The company said on Tuesday that its insurer Anthem Inc. announced a settlement with the Department of Justice, a step that would end a criminal investigation by the agency over whether it discriminated against women who sought care at its facilities.
Anthem is also under scrutiny from Congress and is currently under investigation for its practices in handling certain Medicaid patients.AIG and other insurers are expected to release their quarterly financials on Wednesday.