If you listened to the industry narrative earlier this year, 2023 was supposed to be a banner year as the impact of earned rates would lift all boats.
2024 US P&C insurance industry outlook: Reserving clouds gather
![Effect of AY 2015-19 loss ratio-lead.png](https://assets.euromoneydigital.com/dims4/default/157fbd6/2147483647/strip/true/crop/630x360+0+0/resize/840x480!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F97%2F79%2F7d0e938749d0a4d492a106a83f34%2Feffect-of-ay-2015-19-loss-ratio-lead.png)
If you listened to the industry narrative earlier this year, 2023 was supposed to be a banner year as the impact of earned rates would lift all boats.