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The U.S. property/casualty insurance industry saw a $6.1 billion net underwriting loss through the first nine months of 2021 as premium growth was offset by increased losses, A.M. Best & Co. Inc. said Friday.
This compares with an underwriting profit of $300 million through the first nine months of 2020, Best data showed.
Net premiums written through the first nine months of 2021 increased by 10.8% to $535.4 billion and net investment income rose 7.8% to $40.2 billion.
Growth in losses and loss adjustment expenses during that same period, however, grew 12.1% to $366.5 billion, outpacing premium and investment growth.
Underwriting expenses also grew, 5.9%, to $138.6 billion, data showed.
The industry’s combined ratio worsened to 91.0% from 90.1% in the first nine months of 2020, Best data showed. The industry’s policyholder surplus rose 7.5% to $908.3 billion.
Data in the report is derived from companies’ nine-month 2021 interim statutory statements received as of Nov. 17, representing an estimated 97% of the total U.S. property/casualty industry’s net premiums written, Best said.
Separately, the Reinsurance Association of America said Friday that a survey of reinsurers’ statutory underwriting results showed a group of 17 U. S. property/casualty reinsurers wrote $57.3 billion of net premiums during the nine months ended Sept. 30, 2021, up from $49.3 billion in the same period in 2020.
The RAA said the combined ratio for the group worsened to 100.7% from the 100.2% combined ratio reported for the same period in 2020.
Policyholders’ surplus was $257.6 billion, an increase from $256.8 in the prior quarter.
Half of U.S. property/casualty insurers feel integrating environmental, social and governance factors into underwriting is only somewhat or not important, while less than a quarter believe it is extremely or very important, ratings agency A.M. Best Co. Inc. reported Friday.