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The P/C market is in a hardening pricing phase, gaining momentum in the latest quarter. (Photo: Shutterstock)

After gaining momentum in recent quarters, the U.S. property and casualty (P&C) insurance market is entering a hardening pricing phase, with favorable pricing trends expected to continue in the current P&C underwriting cycle, says Fitch Rating’s new report, “The Property/Casualty Underwriting Cycle: Shallower Market Peaks and Valleys Ahead.”

However, in spite of the market’s positive outlook, a few factors will prevent insurers from gaining high capital returns. “Competitive forces and less favorable claims trends in some lines make it unlikely that recent rising premium rate trends will lead to enduring hard market profits and double-digit returns,” says Fitch Rating’s James Auden in the report.

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Heather Turner

Heather Turner is digital managing editor of NU PropertyCasualty360.

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