I’ve been around.
- Rates up 1%, MarketScout reports.
- ’bout time, as the P/C industry had another weak quarter of underwriting results – 109.9 for the first three quarters, vs. 101.2 for the same period last year. Surplus has fallen by $20B.
- Blame $35B in U.S. cat losses, according to this Munich Re analysis, $12B above the average of the past 10 years (which of course includes Hurricanes Charley, Frances, Ivan, Jeanne, Katrina, Rita, Wilma and Ike). Worldwide, it was the worst year for insured cats ever – $105B.
- But reinsurance renewals were flat, Aon says.