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For the same period in 2021, the company reported a combined ratio of 98.9%. -
The group’s operating results have improved, but the ratings agency warned that further action could be taken if risk-adjusted capital levels did not rise.
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Month to month, the motor vehicle insurance index in December recorded a 0.6-point increase.
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Inside P&C’s news team runs you through the key highlights of the week.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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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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Year-on-year rate increases were largest in commercial property, which saw a 7.92% hike in November.
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E&S pricing in Texas increased 28.1% to $10.6bn year-to-date, the stamping office reported.
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This price hike contributed to a premium increase of $695mn in the month, bringing the year-to-date impact of 2022 rate increases to $3.6bn.
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Severely distressed, cat-exposed E&S property accounts could even face 100% price increases, while retentions move significantly upwards.
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