P&C reinsurers post 13% premium growth through H1: RAA

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

New data released by The Reinsurance Association of America (RAA) shows an increase in both profitability and net premiums for US property and casualty (P&C) reinsurers through the first half of 2022.

The data, collected by RAA from 17 reinsurers globally, shows that the combined ratio for the group improved marginally to 96.1% last year, down from 96.8% for the same period last year.

This was despite the loss ratio deteriorating 1.1 percentage points to 73.5%, as the overall expense ratio improved by 1.8 points to 22.6%.

At the same time, the P&C reinsurers wrote $42.1 billion of net premiums during the H1 period this year, representing a substantial increase of 13.5% over the $37.1 billion recorded in H1 2021.

The data further shows that policyholders’ surplus was $246.3 billion, compared to $292.2 billion at March 31, 2022.

Of the reinsurers included in the survey, General Re achieved the lowest Q2 combined ratio at 76.2%, whilst the highest was once again posted by EMC Re at 125.8%.

And despite the overall improvement in results, nine out of the 17 reinsurers analysed by RAA continued to post a combined ratio above 100% in Q2. Additionally, six of the group fell to a net loss for the quarter, namely AXIS Re, EMC Re, Endurance Assurance Corporation, SiriusPoint America, Swiss Re America and XL Reinsurance America.

For comparison, in Q2 2021 seven of the P&C reinsurers in the group posted a combined ratio above 100%, and seven also posted a net loss for the period.

In aggregate, the group turned a net underwriting loss of $382.7 million in Q2 2022, an improvement on the $275.7 million from the prior year quarter, while net investment income came to $5.3 billion, down from $5.9 billion previously.

General Re reported the biggest underwriting gain in Q2 at $462.1 million, while National Indemnity turned the largest investment income at $4.1 billion and the largest net income at $3.0 billion, but also the largest underwriting loss at $208.6 million.

The post P&C reinsurers post 13% premium growth through H1: RAA appeared first on ReinsuranceNe.ws.

Are you starting an INDEPENDENT agency?

Get Your Agency StartUp Checklist Today

More News

NOAA - Tropical Weather Updates
Tropical Weather Updates

Tropical Depression Fourteen-E Graphics

5-Day Uncertainty Track last updated Sun, 24 Sep 2023 20:39:13 GMT Wind Speed Probabilities last updated Sun, 24 Sep 2023 20:39:13 GMT