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.
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Wildfires Remain Threat as Their Frequency Decreases
The potential insured losses resulting from U.S. wildfires are growing even as their frequency decreases because close to 99 million Americans reside in the wildland urban interface (WUI), according to the Insurance Information Institute (Triple-I).
U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation
U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.
Inflation, High Catastrophe Losses to Lead to 2023 Underwriting Loss for P&C Industry
The overall P&C industry is forecast to finish 2023 with a net combined ratio at 102.2, nearly identical to the final 2022 result of 102.4. Poor personal lines underwriting performance is the key driver in both years, with personal auto forecast at 109.5 in 2023, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
Poor P&C Underwriting Results Driven by Ian, Personal Auto, Inflation, and Geopolitics
Underwriting profitability for 2022 will be the worst year for the P&C industry since 2011, according to the Triple-I and Milliman.
Triple I: Investors Fund Lawsuits without Disclosing Their Role
Investors with no stake in a lawsuit beyond wanting to profit from its outcome are contributing to the growth of insurer legal costs and settlement payouts, according to a new report from the Insurance Information Institute (Triple-I). “Third-party litigation funding (TPLF) has devastatingly become a multi-billion-dollar global industry, turning lawsuits into investments at the expense… Continue reading Triple I: Investors Fund Lawsuits without Disclosing Their Role
Triple-I: New Mexico’s Wildfires Highlight Need for Preparedness
President Joseph Biden’s approval last week of a major disaster declaration for New Mexico gave new urgency to the importance of May’s Wildfire Awareness month, according to the Insurance Information Institute (Triple-I). “The U.S. has incurred a significant loss of life and property damage over the past five years due to wildfires and drought conditions… Continue reading Triple-I: New Mexico’s Wildfires Highlight Need for Preparedness