Best’s Market Segment Report: U.S. Personal Lines Insurance Outlook Held at Stable as Private Passenger Auto Segment Sees Turnaround
A new Best’s Market Segment Report, titled, “Market Segment Outlook:
The market segment report outlines other factors that are driving the outlook, including as follows:
- Underwriting initiatives, including significant rate activity in the last few years, and relatively benign loss cost trends led to markedly improved results in the private passenger auto segment. Emerging factors such as proposed tariffs on automobiles and auto parts, as well as the continued legalization of cannabis, could negatively impact the segment in future years;
- Although catastrophe losses to date are far less than those experienced in 2017, second-half 2018 loss activity has escalated. Still, rate increases, increased pricing segmentation and favorable reinsurance pricing has mitigated the detrimental impact on carriers; and
- Moderately higher interest rates coupled with declining credit risk has created favorable trends in the equity markets; however, inflationary concerns have emerged, which could cause a deterioration in reserve adequacy.
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=280747.
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AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
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Source: AM Best
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