US property/casualty Q1 net premiums written grow 15.2%: Best
Reprints
The U.S. property/casualty sector saw 15.2% growth in net premiums written during the first quarter of 2018, offsetting a 3.1% increase in losses and loss adjustment expenses, according to a report from A.M. Best. Co. issued Wednesday.
The first-quarter combined ratio improved to 94.8% from 99.7% in the year-ago period. Best estimated that catastrophe losses accounted for 3.4 points of the first-quarter combined ratio, down from an estimated 6.0 points in the same period last year.
First-quarter net income more than doubled to $17.40 billion from $7.40 billion in the year-ago period.
Net investment income rose 4.9% to $12.4 million from $11.8 billion a year ago.
Data in the report is from companies whose three-month 2018 interim period statutory statements were received as of May 17, 2018. These companies account for an estimated 95% of total industry net premiums written, Best said.
Read Next
-
Munich Re expands property/casualty reinsurance book
Munich Reinsurance Co. property/casualty reinsurance premiums grew nearly 17% to €5.3 billion ($6.3 billion) in the first quarter, driven by organic growth and better pricing, Artemis.bm reports. Munich Re's property/casualty reinsurance premiums totaled €4.5 billion in the first quarter of 2017. The reinsurer's premiums grew 8% to €1.6 billion at the April renewal season.
