US Property-Casualty Reinsurers' First-Quarter Premiums Up from 2019
June 03, 2020
A survey of US property-casualty reinsurers' statutory underwriting results showed the group's net premiums written during this year's first quarter were up 20.4 percent from the same period in 2019.
The Reinsurance Association of America (RAA) survey of the quarterly results of a group of 17 US property-casualty reinsurers found the group wrote $16.5 billion of net premiums during the first 3 months of 2020. The group wrote $13.7 billion in net premiums during the first quarter of 2019.
The RAA survey found that the group's combined ratio had deteriorated year-on-year from the first quarter of 2019, to 97.4 percent during this year's first quarter versus 94.9 percent during the same period last year.
The RAA attributed the change in the combined ratio to a 72.2 percent loss ratio for the group during this year's first quarter compared to a 70.8 percent loss ratio during the first quarter of 2019 and a 25.2 percent expense ratio versus 24.1 percent for the same period in 2019.
Policyholders' surplus for the group of reinsurers stood at $171.3 billion at the end of the first quarter, according to the RAA, down from $209.9 billion on December 31, 2019.
The group of US P&C reinsurers earned $2.6 billion in net investment income during the first quarter and more than $2.9 billion in net income.
June 03, 2020
