Fitch Ratings says publicly-traded auto insurers continue to report underwriting losses even with higher rates.
According to a report by Fitch Ratings, most publicly-traded U.S. personal auto insurers continued to report underwriting losses in the first half of 2023 despite sharper improvement in premium rates. The first half of 2023 was marked by continued unfavorable claims severity and higher catastrophe related losses, Fitch Ratings says. Future profit improvement will continue to be hindered by unusually high loss severity.
A review of mid-year personal auto segment results from public company GAAP filings reveals that for a group of nine insurers that
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