A.M. Best expects that higher catastrophe losses, competitive market conditions and automobile liability challenges will result in an underwriting loss in 2016 for the U.S. property/casualty (P/C) insurance industry, its first such loss since 2012, according to a new A.M. Best special report.
On January 25, CollisionWeek reported that private U.S. P/C insurers suffered a $1.7 billion net underwriting loss in the first nine months of 2016.
The 2017 Review & Preview Best’s Special Report, titled, “Profitability Slides, Surplus Growth Slows and Competition Intensifies for Property/Casualty Insurers,” states that the P/C industry is expected to post a combined ratio of 100.7
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