Auto losses, AIG's reinsurance deal with Berkshire Hathaway, and high competition in non-auto business lines are the stories to watch in 2017, according to S&P Global Market Intelligence.
Included in S&P's third annual U.S. Property & Casualty Insurance Market Report are S&P's combined ratio and direct premiums written growth projections for certain lines for the remainder of the year.
Related: Auto premium increases put strain on insurers' customer satisfaction
|More claims lead to rate increases in auto
For the second year in a row, Personal and Commercial Auto losses have soared, driving losses in the overall U.S. Property & Casualty insurance market. According to the report, auto losses rose 13% in 2016 due to a rise in frequency and severity in claims, leading carriers to broadly pursue rate increases.
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