U.S. property/casualty insurers' direct premiums increased 10% in the third quarter of this past year, but the industry's loss ratio deteriorated, A.M. Best Co. said in a report issued Tuesday.
The report said losing ratio was 62.8% compared with 60.2% for the comparable period in 2022.
The report said also that natural catastrophe insured losses in last year's third quarter were almost double those of the year-earlier period, mainly from Hurricane Ida, and early reports suggest 2022 could be the second worst year for natural catastrophe losses within the U.S., after 2022, that was driven by Hurricanes Harvey, Irma and Maria.
