The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
Tag: P&C industry
U.S. P&C Underwriting Losses Narrow as Key Lines Still Struggle
U.S. property and casualty insurers overall saw better underwriting results in 2023, but performance worsened in certain important business lines, according to an analysis by S&P Global Market Intelligence.
Insurance Industry Continues to Face Financial and Regulatory Headwinds
The property casualty insurance industry continued to face significant headwinds through the first half of 2023, according to the American Property Casualty Insurance Association’s (APCIA) report on the sector’s financial results and expected trends for the remainder of 2023.
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.
U.S. Property Casualty Insurance Underwriting Losses to Moderate in 2023
U.S. property/casualty industry underwriting results are likely to improve in 2023 as premium rates rise significantly in underperforming automobile and property segments, Fitch Ratings says.
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.
E&S Premiums Account for Larger Share of U.S. P&C Market
Premium dollars continue to flow into the U.S. excess and surplus market, which accounted for 8.7% of the country’s total P&C industry during the first half of 2022.
Hard Market, Higher Interest Rates to Spur Insurer Growth
Swiss Re Institute expects the insurance industry to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024.
P/C Carriers Hit By Inflation, Supply Chain and Riskier Driving Behavior
The property/casualty insurance industry saw the 2021 net combined ratio increase to 99.5, 0.8 points higher than 2020, driven by deterioration in the personal auto and, to a lesser extent, the workers compensation lines. Homeowners, Commercial Auto, Commercial Multi-Peril and General Liability were the product lines with significant improvement year-over-year. According to the latest underwriting… Continue reading P/C Carriers Hit By Inflation, Supply Chain and Riskier Driving Behavior