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Best's Special Report: Nine-Month 2021 Results Show $6 Billion Underwriting Loss for U.S. Property/Casualty Insurance Industry.

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ENPNewswire-November 22, 2021--Best's Special Report: Nine-Month 2021 Results Show $6 Billion Underwriting Loss for U.S. Property/Casualty Insurance Industry

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Release date- 21112021 - Increased losses and expenses in the U.S. property/casualty (P/C) industry during the first nine months of 2021 led to a $6.1 billion underwriting loss for the period, according to a new AM Best report.

This financial review is detailed in a new Best's Special Report, 'First Look: Nine-Month 2021 Property/Casualty Financial Results,' and the data is derived from companies' nine-month 2021 interim statutory statements that were received as of Nov. 17, representing an estimated 97% of the total U.S. P/C industry's net premiums written.

According to the report, the P/C industry recorded 8.2% growth in net earned premiums and saw a 53.4% decline in policyholder dividends, compared with the nine-month period of 2020; however, it was offset by a 12.1% increase in incurred losses and loss adjustment expenses (LAE) and a 5.9% increase in underwriting expenses. Despite a 7.8% increase in net investment income and an additional $1.4 billion in other income, the net underwriting loss reduced pre-tax operating income by 5.6% for the nine-month period. A $9.7 billion increase in realized capital gains...

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