Fitch Ratings finds improvements vary widely across companies as many still report underwriting losses.
The U.S. personal auto insurer segment is seeing larger pricing actions take effect, with moderating claims severity setting the stage for segment improvement in 2024, based on personal auto segment public filings for the first nine months of 2023, Fitch Ratings says.
However, the pace of underwriting improvement varies widely across companies, with many still reporting material underwriting losses, which will continue into 2024. Personal auto insurers have endured profit difficulties for the last two years as carriers faced heightened challenges in responding to adverse loss
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