OLDWICK, N.J.--(BUSINESS WIRE)--The U.S. property/casualty (P/C) industry saw a 4.6% increase to $3.3 billion in net underwriting income in the first three months of 2022 over the same prior-year period, according to preliminary financial results. This financial review is detailed in a new Best’s Special Report, “First Look: Three-Month 2022 U.S. Property/Casualty Financial Results,” and the data is derived from companies’ three-month 2022 interim statutory statements that were received as of May 20, 2022, representing an estimated 95% of the total P/C industry’s net premiums written.
According to the report, the combined ratio for the P/C industry improved marginally to 96.3 in the first quarter of 2022 from 96.6 in the first quarter of 2021. Catastrophe losses accounted for an estimated 3.3 points on the three-month 2022 combined ratio, down from an estimated 8.7 points in the prior-year period. A 39.7% decline in policyholder dividends and 10.5% growth in net earned premiums was offset by increases in incurred losses, loss adjustment expenses and underwriting expenses, leading to the modest underwriting income increase. Overall P/C industry net income rose $29.0 billion for the three-month period.
Industry surplus increased slightly by 0.5% from the end of 2021 to $1.0 trillion, as the net income plus other surplus gains of $8.4 billion were reduced by $32.1 billion of unrealized losses and stockholder dividends.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=320298.
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