17 March 2021Insurance

US reinsurers enjoyed collective 2020 growth

A selection of the biggest reinsurers in the US enjoyed strong growth in their net premiums in 2020 but their combined ratios deteriorated.

In a survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 17 US property/casualty reinsurers wrote $65 billion of net premiums during the 12 months ended December 31, 2020, compared to $57.7 billion for the same period in 2019.

The combined ratio for the group was 101.4 percent, deteriorating from 100.3 percent for the same period in 2019. The combined ratio is attributable to a 76.5 percent loss ratio versus 75.6 percent for the same period in 2019 and an expense ratio of 24.9 percent, an increase from 24.7 percent for the same period in 2019.

Policyholders’ surplus was $233.0 billion, compared to $215.2 billion at September 30, 2020.

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