Despite underwriting results holding up well and the combined ratio for the sector at a very good 94.3 percent on average for the second quarter, the outlook for the P&C sector remains challenging, according to Keefe Bruyette & Woods (KBW).
The investment bank released its report, “2Q12 P&C Review: A Group Under Pressure,” stating the Q2 combined ratio is significantly better than the prior-year quarter’s 104.4 percent, which was marred by losses in the Japan quake and bad weather in the United States. This quarter experienced some loss events in the mid-Atlantic and in the central United States, resulting in 4.3 percent of cats, but KBW characterizes these as typical for a Q2.
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