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Insurer, reinsurer revenue grows; combined ratios rise

Gallagher Re

Nine-month revenue growth at 25 leading insurers and reinsurers averaged 13%, but increased loss activity drove up both third-quarter and nine-month aggregate combined ratios, according to a report Wednesday from Gallagher Re, the reinsurance unit of Arthur J. Gallagher & Co.

Increased commercial lines pricing drove the revenue growth as 17 of the 25 companies in the Gallagher Re data set reported year-on-year, double-digit, nine-month premium growth for 2022.

Increased third-quarter loss activity, however, pushed up the nine-month, aggregate combined ratio 1.4 points to 96.9% from 95.5 % for the first nine months of 2021 and the third-quarter combined ratio up 3.3 points to 102.1% from 98.8% in third-quarter 2021.

Performance of the insurers and reinsurers in the data set was “mixed with just over half of (re)insurers reporting sub-100% combined ratios,” the Gallagher Re report said, adding that Scor SA and Swiss Re Reinsurance Co. Ltd. reported the most significant deterioration in their combined ratios, stemming largely from natural catastrophe loss activity, including Hurricane Ian.

The report also noted that Russia’s invasion of Ukraine, while not heavily relevant to nine-month results, continues to cast a cloud of uncertainty over future performance.

“Although not a significant driver of overall nine-month results, some (re)insurers established reserves for claims exposure relating to the war in Ukraine. Significant uncertainty remains around ultimate loss estimates,” the report said.