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According to NCCI, sector-wide accident year ratios for 2022 clocked in at 98%, while calendar year ratios came in at 83%.
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The improvement in 2022 was attributed to a favorable loss development of $6.5bn on older accident years and anticipated “probable” reserve releases in 2023.
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The transactions were written into Darag Bermuda and offer full legal finality for the US workers’ compensation book of the latter and the US workers’ comp and automotive liability books of the former.
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Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
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Aguilera will be joined at the practice by Leidy Rivera, who moved to The Liberty Company after over 12 years at Brown & Brown.
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Chubb earnings reveal strategic expansion in Asia and pricing outpacing exposure.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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2022 statutory data is now available, and results show winners and losers
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The executive’s remarks followed Employers’ Q4 results, where the workers comp specialist’s top line rose 22.4% to $174mn, compared to 24% growth in Q3 2022.
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The increase in GWP was driven by higher new and renewal business writings and higher final audit premiums, the company said.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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The firm’s flattening rates and favorable reserve development provide a read-through for commercial insurers.