Data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property and casualty (P&C) reinsurers wrote $65 billion of net premiums during 2020, an increase from the $57.7 billion recorded in 2019.
However, despite writing more premiums the combined ratio of the collective did rise from 100.3% to 101.4%.
The year-on-year decline in the combined ratio is attributable to a 76.5% loss ratio and an expense ratio of 24.9%, against ratios of 76.5% and 24.7% in the prior year, respectively.
Meanwhile, gross premiums written for the group of reinsurers exceeded $81.5 billion in 2020 while net premiums written hit $57.7 billion and net premiums earned reached $56.7 billion.
In comparison, the group of U.S. P&C reinsurers recorded gross premiums written of $71.5 billion, net premiums of $65 billion, and net premiums earned of more than $62.3 billion in 2019.
According to data from the RAA, the group’s result in 2019 also included an other income loss of more than $34 million, which compares with a loss of more than $1 billion in 2019.
Overall, the group of reinsurers recorded combined net income of $13.5 billion, which is up on the $11.7 billion recorded a year earlier, reports the RAA.
At $232 billion, policyholder surplus increased from the $209.9 billion recorded during 2019.
