Despite another $10.5 billion in releases in 2012, the overall reserve position for the P&C industry is stable and possibly improved since the previous review, according to “2012 Property-Casualty Loss Reserves: Getting Stronger, or has the Industry Discovered Fracking?” from Conning, an investment management company for the global insurance industry.
According to the report, the industry appears to have sufficient reserves, assuming claims settlement patterns will continue apace. The improvement comes despite additional reserve releases in 2012, when the industry released more than $10.5 billion in reserves, based on preliminary data. Also, excluding $1.1 billion in reserve strengthening in the financial and mortgage guaranty lines, the P&C industry released more than $11.6 billion in reserves in covered lines in 2012 from years 2011 and prior, representing more than 2 percent of reserves or 2.7 percent of premium in 2012, Conning said.
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