Insurance Information Institute and Milliman project industry combined ratio of 99, virtually the same as 2020.
Property/casualty insurers are projected to continue to post slight underwriting profits in 2021, according to a forecast by the Insurance Information Institute (Triple-I) and Milliman.
The forecast projects a 2021 combined ratio of 99, virtually the same as last year. Early projections for 2022 and 2023 look similar. The combined ratio is the percentage of each premium dollar an insurer spends on claims and expenses.
Premiums are expected to surge 7.1 percent this year, according to the forecast, up from 2.5 percent in 2020,