One line that has been particularly influenced by inflation is private auto. S&P's report states private auto will account for over 35% of the net P&C premium written in the U.S. in 2022. (Credit: calypso77/Adobe Stock)
At the end of 2022, the insurance industry could post a calendar-year combined ratio of 100.4%, says a recent market report from S&P Global Market Intelligence. This would make it the P&C industry's first unprofitable year from an underwriting standpoint since 2017. While some P&C business lines in the U.S. have seen continued favorable conditions, the report notes, that has been largely offset by the inflationary pressure on other lines.
One line that has been particularly influenced by inflation is private auto. S&P's report states private auto will account for over 35% of the net P&C premium written in the U.S. in 2022, and it has been hit hard by increases in vehicle prices, as well as interruptions in the automotive supply chain.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
