Severe weather-related losses, stubborn inflation and upward reinsurance pricing drove the U.S. property/casualty (P/C) sector’s net underwriting loss to a 10-year high of $38 billion in 2023, according to a new AM Best report.
Tag: secondary perils
Best’s Special Report: U.S. Homeowners’ Segment Challenges Stress Carrier Operating Results
Elevated frequency of natural catastrophes and secondary perils in the first half of 2023 continue to drive deterioration within the U.S. homeowners insurance segment’s financial results, according to a new AM Best special report.
AM Best: Secondary Perils, Inflation Underlie Volatile Operating Results for U.S. P/C Mutual Insurers
Although rated U.S. property/casualty mutual insurance companies saw notable premium growth in 2022, carriers still recorded a $31 billion underwriting loss due to higher claims costs amid elevated inflation, according to a new AM Best report.
Severe Thunderstorms Account for Up to 70% of All Insured Natural Catastrophe Losses in H1 2023: Swiss Re
A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.