Studies indicate that even companies that are currently using digital tools for resource management may not be getting the most out of them. (Credit: Siberian Art/Adobe Stock)
While most sectors of American insurance have recently experienced minor to moderate volatility, property and casualty has suffered steep and unambiguous losses, prompting industry leaders to reevaluate their business models.
P&C underwriting losses ballooned to $26.9 billion in 2022, according to Verisk. That's the largest underwriting loss the industry has seen since 2011. Even with instability in Eastern Europe, inflation and supply chain bottlenecks, this falloff in revenue was sharper than analysts had predicted; more than six times the $3.8 billion underwriting loss in 2021. Unwriting losses also were reflected by a decline in net income — shrinking from $62.1 billion in 2021 to $41.2 billion in 2022.
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