Earnings

The increased catastrophe losses were driven by severe wind and hailstorms in multiple states.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The carrier said ~$170mn of the total expected losses came from the three March storms that affected several US states earlier this year.

An early look suggests a mixed bag for carriers, as an extended pricing cycle competes with loss cost inflation and cat activity.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Industry reserve releases mask adverse development trends, particularly in personal lines.

The Connecticut-based insurer said $138mn in cat losses stemmed from its commercial lines segment, while $47mn came from personal lines.

The carrier booked unfavorable prior accident year reserve development of 3.4 points, driven primarily by its personal auto products related to recently passed legislation in Florida.

The syndicate also reported net unrealised investment losses of $20.9mn, up from $5.7mn in 2021, amid mark-to-market losses.

United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.

For its regional divisions, the carrier reported combined ratios of 84% for the US and Bermuda along with 96% for the UK.

The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.