Rates
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The Hanover expects its 2023 ex-cat CoR to be in the 91%-92% range, driven by rate adjustments and changes in personal auto frequency. -
It was the smallest quarterly price increase since Q1 2019.
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Chubb’s balanced view of the market as a whole, and pricing and loss cost trends in particular, puts it ahead of the curve on value creation, despite a difficult economic backdrop.
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The latest move marks a deceleration from December’s 50 basis-point hike, which followed four consecutive increases of 75 basis points.
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The CEO also told analysts there is currently no M&A on the table for Chubb.
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Broker and commercial carrier trends align on economic indicators but diverge on stock performance and 2023 consensus estimates.
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This was the highest single-year increase for the US index since 2006.
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Established players are walking away from writing IPO, SPAC and de-SPAC accounts as increased capacity and falling demand in the sub-class causes rates to crater.
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The executive noted that the quarter marked the 21st quarter of rate increases.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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For the same period in 2021, the company reported a combined ratio of 98.9%.
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The group’s operating results have improved, but the ratings agency warned that further action could be taken if risk-adjusted capital levels did not rise.
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