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.
Tag: Milliman
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.