Underwriting — Big Losses for the First Three Quarters of 2022

AM Best just completed an analysis of property and casualty insurance income for the first three quarters of 2022. Underwriting is the big concern with Best finding net underwriting losses hit $24.3 billion.

The good news is that the loss is down $17.9 billion from 2021.

Here’s more:

• *Net earned premiums rose 8.4%
• *There was a 22.3% drop in policyholder dividends
• *That loss was offset by a 14% jump in incurred losses and loss adjustment expenses
• *There was a 6.5% rise in underwriting expenses

Personal lines has really struggled so far this year. It is underwriting losses in that segment that helped drive the drop in underwriting results.