US P&C insurers see net underwriting loss of $5.6 billion

At the same time, insured catastrophe-related losses remained high, with estimated nine-months net loss and loss adjustment expenses from catastrophes exceeding $48 billion in both 2020 and 2021.

“While catastrophes, including hurricane Ida in September 2021, brought major insured losses, it was an increase in non-catastrophic losses, especially in personal auto, that contributed the most to the worsening of underwriting results in 2021,” said Neil Spector, president of underwriting solutions at Verisk.

“As the economy continued to recover, insurers saw incurred losses return to more typical levels, additionally pushed up by inflation and supply chain issues. Going into 2022, the

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