We examine the heterogeneous impacts of asset, product, and financial risks on property-casualty insurers' performance and their resilience to the COVID-19 pandemic. To address the potential endogeneity problem in risk taking, a panel dataset of public property-casualty insurers around the world is studied using a two-stage least squares analysis. The results show that asset and product risks enhance performance, while financial risk reduces it. In addition, property-casualty insurers are resilient to the adverse effects of COVID-19, with the exception of insurers with high asset and product risks. These findings highlight the importance of considering different dimensions of risk when evaluating property-casualty insurers. Regulators, investors, and analysts should take into account the potential impact of asset, product, and financial risks on insurers' performance and resilience, particularly in the context of the COVID-19 pandemic.