Reinsurers add more business, losses increase
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U.S. reinsurers reported increased premiums in the first half of 2017 but their underwriting performance deteriorated, according to a report by the Reinsurance Association of America.
Net written premiums for the group of 18 property/casualty reinsurers tracked by the RAA rose to $22.50 billion for the six months ended June 30, a 5.6% increase over the same period last year, the RAA reported on Monday.
The combined ratio for the group was 97.1%, deteriorating from 94.8% for the same period in 2016. The loss ratio deteriorated to 72.8% versus 69.9% for the same period in 2016, but the expense ratio improved slightly to 24.3% compared with 24.9% last year, the RAA said.
Policyholders’ surplus rose 3% to $146.8 billion, at March 31, 2017.
