According to research from Verisk and the American Property Casualty Insurance Association, the P&C industry saw significant financial worsening in 2022 compared to a year prior, with net underwriting losses hitting $26.9 billion in 2022 – more than six times the $3.8 billion loss in 2021, making it the largest underwriting loss the industry has experienced since 2011. The research also found net income fell by nearly 34% from 2021 to 2022, and incurred losses and loss adjustment expenses grew 14.1% in that same time frame.
It's no wonder P&C insurers are struggling — battling a hard market and record-setting numbers of billion-dollar disasters – and it can be especially difficult for insurance sales teams to know how to best continue to bring in new, quality business while premiums are rising across the board.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
