Milliman News

Report: 2023 Combined Ratio Forecast at 103.9, Commercial Lines Performed Best

The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7 and personal lines at 109.9, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman. …

Despite Hard Market, P/C Combined Ratio Forecast Near 104 for 2023

Losses resulting from severe convective storms are expected to drive the 2023 net combined ratio for the property/casualty industry to 103.8, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman. The hard market …

Inflation, Catastrophe Losses Lead P&C Underwriting Loss in 2023

The overall property/casualty industry is expected to finish 2023 with a net combined ratio of 102.2, according to a recent webinar by the Insurance Information Institute (Triple-I) and Milliman. Triple-I and Milliman shared the results of their quarterly report, Insurance …

Tale of Two Markets: Largest CR Gap Between Personal, Commercial Lines in 15 Years

The 2022 property/casualty insurance industry saw a stark difference between the combined ratio of commercial lines at 94.8, while personal lines came in at 109.9. It was the largest difference in about 15 years, according to actuaries at the Insurance …

Report from California Insurers Calls for More Freedom to Use Wildfire Catastrophe Models

Associations representing insurers operating in California on Tuesday released an analysis from Milliman showing wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk. The analysis was commissioned by the Personal Insurance Federation of …

P/C Underwriting Profitability to Worsen as Inflation, Hard Market Persist: Triple-I, Milliman

The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. Loss pressures and a hard P/C market are expected …

Report: Previously Flooded Carolina Homes Pose Risk to Buyers

A new Natural Resources Defense Council report exposes potential hidden costs associated with purchasing a single-family home with a flood history in North Carolina. According to the report, “Estimating Undisclosed Flood Risk in Real Estate Transactions,” these costs can add …

Does It Ever Make Sense for Firms to Pay Ransomware Criminals?

The global insurance company AXA announced in May it will stop writing cyber insurance coverage in France that reimburses customers for making payments to ransomware criminals. Cyber insurance policies have long covered these ransom costs, and it is widely anticipated …

U.S. Private Flood Insurance: The Journey to Build a New Market

Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for residential flood coverage from admitted private insurers would never exist. …

CoreLogic: More Than 600K Homes in Carolinas Could Be At Risk from Dorian

The wrath of Hurricane Dorian isn’t over yet and many more communities in its path are at risk and are bracing for the storm after it demolished the Bahamas earlier this week. The extremely slow-moving hurricane is finally reaching the …