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North America commercial lines CoR for the quarter improved 10.4 points to 84.4%. -
The carrier also booked unfavorable prior accident year reserve development of 6.5 points, driven primarily by its personal auto products.
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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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The carrier cited inflation, repair and part costs, supply chain issues and labor shortages as the drivers behind an increase in auto loss severity.
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The Bermudian increased its cat load to $100mn-$120mn in Q1 2023, compared to around $80mn a quarter for 2022.
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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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Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.
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Inside P&C breaks down some of the key themes and commentary from commercial, personal and specialty line carriers, as well as brokers, during the season so far.
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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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Zurich NA’s P&C CoR decreased to 91.3% in 2022 from 92.4% in 2021 while the group’s CoR remained at 94.3%.
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The executive said the broker stopped receiving client proposals whilst it was set to be taken over.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
