ALIRT Research – Lloyd’s of London Market Overview – 2023
The following overview reflects results for ALIRT’s Composite as well as those for the Lloyd’s market as a whole, based on the organization’s annual report issued in late March.
A.M. Best Negative Rating Actions 2023 – 1Q2024
It is now common knowledge that calendar year 2023 was a difficult one for property insurers, whether those focused on personal lines (homeowners and auto physical damage) or commercial lines (fire and/or commercial multi-peril) coverages. The inflation overhang from a spike in costs across the economy starting in 2021, combined with an extension of large weather-related losses across a broader swath of the U.S. and a hardening of reinsurance rates/lack of reinsurance capacity, led to outsized underwriting and operating losses for a growing number of insurers exposed to property risks. Especially hard hit were single-state and regional insurers with less geographical and line-of-business diversification.
Why State Farm General Is Taking Further Actions in California
State Farm General Insurance Company (SFGIC) announced today that it will be exiting more California property risks starting in mid-2024, including approximately 30,000 largely non-commercial risks and 42,000 commercial apartment policies.
ALIRT Research – State of the Underwriting Cycle as of 9M2023 Financial Filings
State of the Underwriting Cycle: The Firming/Hard Market Celebrates 6 Years In our 30+ years of studying the U.S. P&C insurance market we have frankly never experienced a hard pricing cycle quite like the current one. As shown on page 9, we are now in the 24th consecutive quarter of firming/hard pricing. That’s six years […]
