New data released by The Reinsurance Association of America (RAA) shows an 8.6% increase in net premiums written by US property and casualty (P&C) reinsurers over 2022.
The data, collected by RAA from 17 reinsurers globally, also shows that the combined ratio for the group remained unchanged from the previous year at 99.8%.
The US P&C reinsurers wrote $81.0 billion of net premiums during the twelve months ended December 31, 2022, up from $74.6 billion for the same period in 2021.
The combined ratio was attributable to a 76.5% loss ratio versus 75.3% for the same period in 2021, and a 23.3% expense ratio versus 24.5% for the same period in 2021.
Meanwhile, policyholders’ surplus was $254.4 billion, compared to $239.0 billion in the prior quarter
Of the reinsurers included in the survey, General Re Group achieved the lowest combined ratio at 89.9%, whilst the highest was posted by SCOR US at 119.8%.
And despite the overall improvement in results, nine out of the 17 reinsurers analysed by RAA still posted a combined ratio above 100% for 2022, with AXIS Re, EMC Re, Everest Re, Munich Re America, National Indemnity, SCOR US, Siriuspoint America, Toa Re America and XL Reinsurance America all posting an underwriting loss for the year.
This resulted in an overall underwriting loss of $541.2 million for the year. This was an improvement on the underwriting loss of $787.8 million posted by the group in 2021, but this figure was inflated by the $1.2 billion loss reported by Munich Re America, which booked a smaller underwriting loss of $358.7 million for 2022.
In terms of a net loss, AXIS Re, SCOR US, SiriusPoint America, Toa Re America, Transatlantic Re and XL Reinsurance America all posted negative results, and the group’s overall income was reduced from $10.9 billion to $10.5 billion.
For investment income, the result improved substantially from $9.9 billion in 2021 to $14.0 billion in 2022.
This was largely due to National Indemnity, which alone reported investment income of $11.2 billion, versus $7.5 billion previously.
