P&C sector ended 2021 strong despite underwriting loss – report

The slide in underwriting losses was driven by growth in non-catastrophe losses, especially for personal auto, according to the report. The insured losses for catastrophes in 2021 remained significant, although associated net incurred losses and loss adjustment expenses fell from $61.4 billion in 2020 to $56.3 billion in 2021.

The industry posted an increase in net income after taxes to $61.9 billion, from $60.3 billion in 2020, driven partially by growth in investment income and in realized capital gains. A combination of factors, including unrealized capital gains, boosted policyholders’ surplus to a record $1,032.5 billion. Insurers’ rate of return on

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