” …The company said it had set aside more reserves to cover increasingly large jury awards in the United States that affect its casualty business. … ”
It will eventually emerge in the 10k discussions, but the detail between current accident year and prior accident years would be informative. One reason is the adequacy of rates charged in 2019 (per their internal price monitors) versus those implied by the adverse claim emergence (anticipated per their/ external reserve certification actuary’s year end review).
That’s the 9 month results write-up. It helps a bit. I can wait for the full year 10k. But the projection of 4th qtr combined ratio wasn’t realized per the full year P&C (primary & Re) combined ratio of 107.8% versus 104% in 2018. The 3rd qtr report narrative hopes(d) to achieve the 98% planned CR, but, obviously, they missed it.
The report you provided doesn’t have a consolidated group combined ratio, but does show 2 segments for P&C Re [excl primary?](99.5% for 2018; 9 mos, 101.4% for 2019; 9 mos) and Corporate Solutions (105.1% for 2018; 9 mos, 127.4% for 2019; 9 mos). Premiums for those two segments are significantly different, with the ratio of P&C to CS premiums being roughly 4:1. So, I’ll wait for the 12 month 10k report to see where they missed their projections, be it reserve adequacy or Nat Cats exceeding the ‘average amount’ (paraphrased) they mention in their optimism about meeting their P&C Re 98% CR target.
” …The company said it had set aside more reserves to cover increasingly large jury awards in the United States that affect its casualty business. … ”
It will eventually emerge in the 10k discussions, but the detail between current accident year and prior accident years would be informative. One reason is the adequacy of rates charged in 2019 (per their internal price monitors) versus those implied by the adverse claim emergence (anticipated per their/ external reserve certification actuary’s year end review).
The answers you seek are in here:
https://www.swissre.com/media/news-releases/nr-20191031-9m-2019-news-release.html
That’s the 9 month results write-up. It helps a bit. I can wait for the full year 10k. But the projection of 4th qtr combined ratio wasn’t realized per the full year P&C (primary & Re) combined ratio of 107.8% versus 104% in 2018. The 3rd qtr report narrative hopes(d) to achieve the 98% planned CR, but, obviously, they missed it.
The report you provided doesn’t have a consolidated group combined ratio, but does show 2 segments for P&C Re [excl primary?](99.5% for 2018; 9 mos, 101.4% for 2019; 9 mos) and Corporate Solutions (105.1% for 2018; 9 mos, 127.4% for 2019; 9 mos). Premiums for those two segments are significantly different, with the ratio of P&C to CS premiums being roughly 4:1. So, I’ll wait for the 12 month 10k report to see where they missed their projections, be it reserve adequacy or Nat Cats exceeding the ‘average amount’ (paraphrased) they mention in their optimism about meeting their P&C Re 98% CR target.
Thanx 4 the 411 thru 9 mos.