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A.M. Best on Catastrophe Losses in 2017

Posted By Administration, Tuesday, March 27, 2018

A.M. Best is the latest data gather to note record catastrophe losses in 2017.

The ratings service said the P&C industry lost $53 billion in 2017. It works out to a whopping 110% more than 2016’s losses. No surprise, A.M. Best said the biggest losses come from two items. The first is a slew of hurricanes.

“2017 marked the first year since 2005 that four hurricanes made U.S. landfall in one season,” Best said.

The other reason is wildfires and especially the historic fires in California.

The losses in 2017 passed the $42 billion in 2011. That year we saw the Japan earthquake and tsunami and a year full of tornadoes in the U.S.

 

Other data in the report:

  Losses and loss adjustment expenses jumped 8.5% in 2017 compared to 2016

  This offsets the 3.5% rise in net premium earnings

  Catastrophe losses drove underwriting losses to a massive $23.5 billion

  That compares to $5.5 billion in 2016

  The combined ratio rose to 103.8

  That’s a 3% drop from 2016 and the worst in 5-years

  Net income for the P&C industry was down 1.7% to $40.8 billion

  Industry surplus grew 6.8% and is $733.8 billion

 

Source link: Carrier Management

Tags:  A.M. Best on Catastrophe Losses in 2017  Insurance Content  Insurance Industry  Insurance News  Weekly Industry News 

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