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The carrier also increased its casualty loss cost assumption to 6% from 5.5%, driven by increased economic and social inflation. -
The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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The broker’s president also noted a stabilization in primary pricing outside of property.
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Commercial risk solutions’ Q4 organic growth dropped 8 points year on year to 4%.
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CEO Joe Lacher projected that the company will be profitable in the first half of the year and produce an underwriting profit in the second half.
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Net losses from Winter Storm Elliott included $151mn in commercial lines and $16mn in personal lines.
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The company booked pre-tax net cat losses of $45.7mn, which included $46.1mn of net losses from Winter Storm Elliott.
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Public D&O and higher excess liability are two areas where the company is “not quite getting” to where it wants to be in terms of rates, co-CEO Carl Lindner said.
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On an earnings call Markel’s president of insurance Jeremy Noble spoke to analysts, who are watching loss cost trends closely as rate rises taper.
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Part of the company's plan to improve auto insurance margins is to file for greater rate increases in 2023, along with lowering operating expenses and advertising spend.
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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.
