The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation.
Though the present banking sector turbulence might bring back memories of 2008, fundamental differences in banking and insurance risk make contagion less likely.
The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
Though insurers are not heavily invested in Silicon Valley Bank, Signature Bank, or in other regional banks at risk of contagion, the developing macroeconomic situation could impact P&C carriers more significantly.
