Best’s Market Segment Report: Homeowners Insurers Endured Major 2017 Catastrophes
The new Best’s Market Segment Report, titled, “Homeowners Insurers Endured Major 2017 Catastrophes,” notes that the 2017 combined ratio was just above the 25-year median of 106.9. Results from 2013-2016 benefitted from benign catastrophe activity, as well as favorable reinsurance pricing, terms and conditions and improvements in underwriting analytics. Despite the numerous catastrophes in 2017, the majority of
The favorable reinsurance environment limited what could have been a much worse year for primary homeowners insurers, and a large proportion of losses were within these companies’ retentions. The 2017 accident-year ceded loss & loss adjustment expense (LAE) ratio of 93.5 was the third highest of the past 20 years, but the net loss & LAE ratio of 79.3 was just the sixth highest.
While 2017 was a clear outlier in terms of the number of major catastrophes, ongoing underwriting discipline, pricing sophistication and continued risk management initiatives remain critical for this segment’s future profitability.
For the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=274869.
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