The U.S. property/casualty (P/C) insurance industry reported substantial underwriting losses totaling $21.1 billion in 2023. This marks the second consecutive year of significant losses, driven primarily by natural catastrophes and inflationary pressures.
Tag: underwriting losses
Underwriting Losses Persist in U.S. P/C Industry, Total $21.2B in 2023
The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in the prior year, according to a new AM Best report.
U.S. P/C Industry Posts $32B Underwriting Loss in First Nine Months of 2023
The U.S. property/casualty (P/C) industry recorded a $32.2 billion net underwriting loss in the first nine months of 2023, $7.6 billion worse than the underwriting loss posted in the same prior-year period, according to a new AM Best report.
SECURA to Exit from Personal Lines Insurance Market
SECURA Insurance announced that it is exiting the Personal Lines insurance market over a 26-month process.
Travelers 3Q Profit Falls Due to Elevated Catastrophe Losses
The Travelers Companies reported a 14% decline in quarterly profit for the third quarter due to elevated catastrophe losses stemming from severe wind and hailstorms across several parts of the United States.
Pre-Pandemic Woes Return to U.S. Commercial Auto Insurance Segment
Underwriting losses in the U.S. commercial auto insurance segment soared to $3.3 billion in 2022 following near-breakeven results in the previous year, according to a new AM Best report.
AM Best Revises Outlook on U.S. Homeowners Insurance Segment to Negative
Given three consecutive years of net underwriting losses in the U.S. homeowners insurance segment combined with other ongoing market challenges, AM Best has revised its outlook on the segment to negative from stable.
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
U.S. Insurers Invested in Fossil Fuels as Climate Risks to Underwriting Mount
U.S.-based insurers have invested hundreds of billions of dollars in fossil fuel-related assets which in turn contribute to the risk of climate-related damage to the underwriting side of their businesses, a new report said on Tuesday.
U.S. P/C Insurers Record Q1 $8.2B Underwriting Loss: AM Best
The U.S. property/casualty insurance industry posted an $8.2 billion net underwriting loss for the first three months of 2023, an $11.6 billion swing from the first quarter of 2022, according to research from AM Best.