The personal lines group is the only subsegment to produce an improved calendar-year combined ratio in 2017, dropping to 94.6% from 96.2% in the prior year. (Photo: Shutterstock)
2017 was a whirlwind of a year for the property & casualty insurance sector. Extreme weather events — Hurricane Harvey, Irma, and Maria, along with extreme weather events in California, in particular — disrupted the industry with record-breaking events.
Despite this, Fitch Ratings maintains a stable rating outlook for a number of sectors. The rating agency compiled GAAP year-end financial results for 51 property & casualty insurers and reinsurers that are publicly traded or report GAAP consolidated reports. The group's combined ratio rose to 102.0% in 2017 versus 96.8% in the prior year. Aggregate operating return on average equity (ROAE) in 2017 declined to 4.6% from 6.5% in 2016.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
