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Inside P&C’s morning summary of the key stories to get you up to speed fast.

The firm reported quarterly earnings featuring disappointing personal auto loss cost trends.

The carrier shifted to average Q3 rate hikes of 7.1%, after trimming rates to start 2021 in response to drop in frequency, improvements to expense structure.

The insurer also took a $187mn reserve charge, as it's core loss ratio spiked, and catastrophe losses rose from Q4 in 2020.

Colorado’s Marshall Fire is expected to cost the company $218mn, while the convective storm that devastated four states, including Kentucky, will contribute around $79mn in claims.

The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.

Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.

Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.

The Inside P&C research team looks forward to the big issues of the new year.

Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.

The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.

The higher level of repurchases seen in Q3 will likely last longer than expected.