Increasing incurred losses continue to hinder underwriting results, according to A.M. Best research. The Property & Casualty industry reported a first-quarter net underwriting loss of $841.5 million, Best states in its latest “First Look” report.
That’s significantly less than the $2 billion net underwriting profit recognized in Q1 2016 — and the only first-quarter underwriting loss reported over the last five years, according to Best.
What’s more, based on responses from its quarterly survey, Best estimates P&C industry three-month-2017 catastrophe losses of $7.6 billion, up 48% from the same period of 2016 and accounting for six points on the industry’s overall combined ratio.
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