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FOR IMMEDIATE RELEASE
OLDWICK - MAY 27, 2022 08:06 AM (EDT)
The U.S. property/casualty (P/C) industry saw a 4.6% increase to $3.3 billion in net underwriting income in the first three months of 2022 over the same prior-year period, according to preliminary financial results. This financial review is detailed in a new Best’s Special Report, “First Look: Three-Month 2022 U.S. Property/Casualty Financial Results,” and the data is derived from companies’ three-month 2022 interim statutory statements that were received as of May 20, 2022, representing an estimated 95% of the total P/C industry’s net premiums written.
According to the report, the combined ratio for the P/C industry improved marginally to 96.3 in the first quarter of 2022 from 96.6 in the first quarter of 2021. Catastrophe losses accounted for an estimated 3.3 points on the three-month 2022 combined ratio, down from an estimated 8.7 points in the prior-year period. A 39.7% decline in policyholder dividends and 10.5% growth in net earned premiums was offset by increases in incurred losses, loss adjustment expenses and underwriting expenses, leading to the modest underwriting income increase. Overall P/C industry net income rose $29.0 billion for the three-month period.
Industry surplus increased slightly by 0.5% from the end of 2021 to $1.0 trillion, as the net income plus other surplus gains of $8.4 billion were reduced by $32.1 billion of unrealized losses and stockholder dividends.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=320298 .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.