Data released by The Reinsurance Association of America (RAA) shows a significant drop in gross written premium (GWP) for the first three months of 2019 to $19.2 billion, compared with $66.7 billion in the final quarter of 2018.
The data, collected by RAA from 17 reinsurers globally, also indicates a return to profitability for the group, with a Combined Ratio (CR) of 94.9%, compared to the 103.8% seen last quarter.
Of the reinsurers included in the Q1 survey, AXIS Re achieved the lowest CR with 86.5%, whilst the highest was posted by Partner Re with 112.5%.
Net premiums written (NWP) for the group has been reported by RAA as $14 billion, a fall from the $59 billion NWP seen last quarter.
Meanwhile, The group saw a net underwriting gain of $541 million, compared to a $2 billion underwriting loss in Q4 2018.
Loss ratio also improved overall for the group in Q1 2019, falling to 70.8% after having hit 79.4% in Q4 2019
Net income for the group dipped to $3 billion in Q1, compared to $8.7 billion in Q4 2018.
