The US homeowners insurance industry posted its worst underwriting results in over a decade in 2023 as its net combined ratio surpassed 110.0%.
Tag: combined ratio
Commercial Lines Performed Better than Personal, Combined Ratio Forecast at 103.9: Report
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9. Record levels of severe convective storm losses are the single biggest driver of the overall adverse results. Hard markets continue with 2023 net written premium growth forecast at 9.0%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
Headwinds Continue for MPL Insurance Sector Despite Improvement in 2022
A new report issued by the MPL Association shows the medical professional liability insurance sector had a combined ratio that improved from 108.1% in 2021 to 102.2% in 2022.
Inflation, Catastrophes Contribute to 2022 Underwriting Loss for P&C Industry: New Triple-I/Milliman Report Shows
The 2022 net combined ratio for the property/casualty insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines.
Underwriting Losses Soar, Net Income Shrinks for P&C Insurers in 2022
The P&C industry experienced a $26.9 billion net underwriting loss in 2022, more than six times the $3.8 billion underwriting loss in 2021.
S&P Expects Inflation to Push P/C Combined Ratio Over 100 in 2022
S&P Global Market Intelligence predicted in its latest U.S. Property & Casualty Insurance Market Report that inflation will send the property/casualty insurance industry to its first unprofitable year since 2017 with an expected combined ratio above 100%. Penned by lead insurance analyst Tim Zawacki, S&P in in its report forecast a combined ratio of 100.4%… Continue reading S&P Expects Inflation to Push P/C Combined Ratio Over 100 in 2022
Underwriting Discipline and Increased Pricing Helped Offset Elevated Losses for U.S. Homeowners Insurers
Despite above-average catastrophe losses in 2018, the underwriting performance of U.S. homeowners insurers benefited from rate increases, enhanced pricing segmentation and favorable reinsurance pricing in most markets, according to a new AM Best report. A new Best’s Market Segment Report, titled, “U.S. Homeowners Carriers Stand Firm Following a Myriad of Catastrophe Events,” states that homeowners… Continue reading Underwriting Discipline and Increased Pricing Helped Offset Elevated Losses for U.S. Homeowners Insurers