Rating agency AM Best has said that the US property catastrophe industry has deteriorated sharply during 2011, suffering its largest underwriting loss since 2002.
The agency blames this decline on huge catastrophe losses throughout last year, which then led to poor underwriting results. Those losses, both in the US and abroad, were more than double those reported in 2010, according to the agency.
As a result, the agency expects all three segments (personal lines, commercial lines and US reinsurers) to report relatively large underwriting losses and policyholders’ surplus is ‘anticipated to decline modestly and return measures are expected to be in the low single digits.'
To continue reading, you need a subscription to Intelligent Insurer. Start a subscription today for £655.
In-house feature articles, the archive and expert comment require a paid subscription. Subscribe now.
Want to give it a try? We are offering a two week free trial to the Intelligent Insurer website – register and select “Two Week Free Trial” to begin access to the full Intelligent Insurer archive and read the latest news, features and expert comment. Begin your free trial here.
Is your 2 week free trial about to end? Upgrade to a 12 month subscription for £655 now.
If you have already subscribed please login.
If you have any technical issues please contact support.
US, property, catastrophe, underwriting loss