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Rate deceleration in property cat increased in September, and property pricing overall was down in Q3. -
In the quarter, the company reported a CoR of 92.3%, up two points YOY.
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Cincinnati Re reported $38mn of cat losses in Q3 that included $18mn for Hurricane Helene.
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The carrier saw 16% growth during the quarter.
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Modeling misses may have undervalued the storm’s inland wind impacts.
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Asbestos claims for exposed insurers could place more pressure on workers’ comp reserves.
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Umbrella and commercial auto led Q3 rate hikes with double-digit increases.
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Prior to the event, clients were expecting a “very competitive market environment”.
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CEO John Doyle said global property rates were down 2% versus flat in Q2.
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The firm reported $547mn from Hurricane Helene losses.
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Organic growth fell by 1 point quarter on quarter and was down by 5 points from Q3 2023.
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The company incurred $563mn of total cat losses related to the storm.
