The U.S. property casualty (P/C) market is positioned for a return to underwriting profitability and significant return on capital improvements for the full year, though results may not match first quarter levels due to uncertainty regarding natural catastrophe exposures and loss reserve experience, Fitch Ratings says.
Tag: Fitch Ratings
U.S. Insurance Personal Auto Recovering, Homeowners’ Volatility Continues
The U.S. personal insurance sector is positioned for improving underwriting performance in 2024 amid signs that the previous surge in claims severity from higher inflation and supply chain shortages has subsided, combined with rapid written premium growth from large rate increases, Fitch Ratings says.
U.S. Cyber Insurance Maintains Strong Profits; Premium Growth Slows
The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, Fitch Ratings says.
Commercial Lines Price Increases Forecast to Moderate
Commercial lines pricing increases are anticipated to moderate, but remain positive in most segments through 2024, according to a report Tuesday from Fitch Ratings Inc.
U.S. Directors & Officers Insurance Improved Results Likely Unsustainable
The U.S. Directors and Officers (D&O) liability insurance segment’s favorable statutory underwriting performance of 2023 is not likely sustainable amid declining premium revenues from lower premium rates, as well as the segment’s inherent underwriting volatility related to changes in litigation activity, defense costs and settlement trends, Fitch Ratings says.
Fitch Downgrades Truist on Insurance Sale
Fitch Ratings downgraded Truist Financial’s credit rating, calling the insurance business it is selling an “important source of revenue and business diversification.
Reinsurers’ Underwriting Margins to Peak in 2024
Reinsurers’ underwriting margins are likely to peak in 2024 on significant price rises and tighter terms and conditions achieved in 2023 and in early January 2024 renewals, Fitch Ratings says in a new report.
Inflation Boosts US P/C Insurers’ Reserve Risk in Casualty Lines
Fitch Ratings expects the U.S. property casualty insurance (p/c) industry to generate modest underwriting improvement in 2024, following poor auto insurance results and inordinate catastrophe losses in 2023.
U.S. Auto Insurer Profit Recovery Slow to Materialize
Most U.S. personal auto insurers continue to report underwriting losses despite sharper improvement in premium rates, with the first half of 2023 marked by continued unfavorable claims severity and higher catastrophe related losses, Fitch Ratings says
Global Reinsurers: Mid-Year 2023 Results
The 18 non-life reinsurers monitored by Fitch Ratings posted solid underwriting profits in 1H23 with an aggregate reinsurance combined ratio of 88%. This included moderate losses of 6.7pp from catastrophes.