P&C Underwriting — Big Losses in Quarter 1 of 2023

AM Best released a report on 2023’s first quarter. The report said property-casualty insurer underwriting totals for the first quarter of 2023 didn’t look very good. Losses were $8.2 billion. That’s bad news since the first quarter of 2022 showed a $3.4 billion profit.

Here’s more:

  • Net income fell 70.7% to $8.1 billion
  • In 2022 net income for the first quarter was $27.7 billion
  • The combined ratio dropped from last year’s profitable 95.9 to 102

The growth in net earned premiums of 14% and a drop of 17% in policyholder dividends were dramatically overshadowed by a close to 27% increase in incurred losses and loss adjustment expenses.

Underwriting expenses — Best said — rose 8.4%.

Source link: Insurance Journal — https://bit.ly/3NDRZjr

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