The North American property & casualty, bond, mortgage and title insurance industries have stable outlooks for the year, according to S&P Global Ratings, which reported the global reinsurance sector continues to see a negative outlook.

Taking underwriting discipline, risk exposure management and asset quality into account, S&P reported that despite the slew of pressures during the past year, most subsectors performed well during 2020. Any variations in performance can be tied to the level of exposure to macroeconomic risks or natural catastrophes.

Additionally, a forecast from the Insurance Information Institute (Triple-I) and Milliman shows P&C insurers should anticipate slight underwriting profits in 2021. Insurance premiums are predicted to increase by 7.1% as a result of the economic rebound and hard market conditions increasing exposures and rates, Triple-I reported. During 2022 and 2023, this surge is expected to slow but remain above 5% in both years.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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