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The company paid out $1.63bn for physical damage claims in the first nine months of the year, which exceeded earlier projections of $1.33bn. -
Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Across the P&C industry, sentiment expressed on Q3 conference calls has improved since pandemic lows.
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Third-quarter statutory data reveals premium growth, worsening loss ratio because of increased loss cost trends and Hurricane Ian.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The implemented price hikes added $307mn in new premium last month, driving the year-to-date rates implementation to $2.9bn.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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Though still significantly elevated, the CPI appears to have peaked in the short term, which may give carriers a chance to catch up on rate.
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The company retained $10mn of $27mn in gross losses from Ian, which accounted for 3.4 points on the loss ratio.
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Medical inflation – a key input to long-tail loss costs – increased 5.4% year on year but declined 0.5% from September to October.
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Floridians had a hard quarter, but they are fighting to regain stability after Ian.
