In 2022, personal lines proved a drag on the industry's overall performance and caused a 31% decline in statutory earnings for the year. Catastrophe losses and poor results from auto segments pushed 2022's combined ratio up 3 percentage points. (Credit: ipopba/Adobe Stock)
Significant premium rate growth in auto and property lines, which have been underperforming, is likely to help improve underwriting results in the U.S. Property & Casualty market this year, according to Fitch Ratings, which has a neutral outlook for the P&C industry based on a stable to improve 2023 performance.
Additionally, U.S. personal lines are anticipated to see improvements this year as "recent pricing and underwriting adjustments take hold amid normalizing insured catastrophe losses," the ratings agency said in a release.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
