Travelers
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The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.
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Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.
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The Inside P&C research team looks forward to the big issues of the new year.
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Santana was appointed as member of the compensation, investment and capital markets, and nominating and governance committees of the board, while van Kralingen was appointed to the audit and risk committees.
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The Hartford-based carrier is the latest to rejigger its policies in response to the rapidly evolving pandemic.
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Carriers are planning for inflationary threats and have been responding to major catastrophes, while the InsurTech and broking markets have driven M&A drama.
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The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.
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The higher level of repurchases seen in Q3 will likely last longer than expected.
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Rates in the P&C market continued to rise in the third quarter, with outsized increases for cyber insurance driving up the average change, according to data revealed in company third-quarter conference calls.
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Capping the firm’s positive quarterly results, Travelers noted a strong but moderating rate in the business insurance segment in a positive read-through for commercial lines carriers.
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The destruction of about 200,000 cars and a shortage of labor and auto parts have affected the company’s personal lines results.
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Underwriting income fell, as catastrophe claims rose to $501mn from $397mn last year, and reserve development turned unfavorable.
