Rising loss costs, above-average catastrophe activity, and the struggling personal lines segment—especially homeowners insurance—were factors listed as contributing to the losses.
The hearing highlighted the recent property insurance market turmoil due to the major disasters in Florida, Georgia, the Carolinas, California, Hawaii and Vermont.
Poor personal lines underwriting performance is the key driver for deteriorating results, with a personal auto combined ratio forecast of 109.5 for 2023.
The global average breach cost reached $4.45 million, with detection and escalation the most expensive component—indicating a shift toward more extended and complex investigations.
The aggregate price change for lines of U.S. commercial insurance was up 5.6% for the first quarter, compared to the 4.8% increase in the fourth quarter of 2022.
CoreLogic’s “2023 Hurricane Risk Report” provides a detailed look at what’s at stake for the U.S. as hurricane season commences.
State Farm cited the hard market and protecting the company’s bottom line as the reason for the withdrawal.
Rising economic and social inflation, supply chain constraints, catastrophic weather driving up losses, and historic cost increases for reinsurance has led to significant pressure on the property-casualty industry.
After making numerous operational changes during the coronavirus pandemic, restaurant owners are now feeling optimistic about the future, according to Nationwide.
Data for nearly all commercial lines continued to indicate price increases in the third quarter, except for directors & officers and workers compensation.
