For 2019, AM Best projects the combined ratio to improve slightly to 101.2, based on the expectation of more normalized losses. (Photo: Shutterstock) For 2019, AM Best projects the combined ratio to improve slightly to 101.2, based on the expectation of more normalized losses. (Photo: Shutterstock)

In 2017, the property & casualty insurance segment suffered near-record high in U.S. catastrophic losses. mainly from Hurricanes Harvey, Irma and Maria. Hurricane Michael and wildfires in California near the end of 2018 propelled a second year of catastrophic losses above the long-term average.

AM Best's Market Segment report estimates that the U.S. P&C industry had net catastrophe losses of over $37 billion in 2018 — down from $53 billion in the prior year, but still the second highest since 2011. Projections for 2019 reflect a further decline in net catastrophe losses to five points (or approximately $31 billion), which is more in line with an average year.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].

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