A substantial number of catastrophes and comparatively sparse reinsurance cover drove the US primary P&C market to its worst first quarter underwriting result since 2011.
In a report released this week (6 July) AM Best said the industry’s combined ratio deteriorated by 1.6 percentage points year-on-year to 97.4 percent in the first quarter of 2016.
Current estimates indicated the ratio suffered a 4.0 percentage point impact from catastrophe losses in the quarter, an increase of 3.2 points from Q1 2015…Read more at The Insurance Insider