Major losses
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution. -
The loss for the month was 60% comprising losses from two wind and hail events.
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With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.
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Sources said the placement is led by FM Global, but exposure is spread between the US and London property markets.
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The carrier will continue to push for more auto rates through 2023 as drivers of severity continue to persist.
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The auto insurer’s results were adversely impacted by prior-year claim reserve additions and catastrophes.
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The carrier contended with 10 events over the month, with 75% of its losses stemming from three wind events.
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Losses stemmed from over 20 weather events, including severe freezes in February and widespread wind and tornadic activity in mid- to late March.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Total economic losses came in well above average, driven by the earthquake in Turkey.
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