The U.S. domestic professional and domestic specialty surplus lines’ 2012 underwriting performance fell below P&C’s performance for the first time in more than a decade, according to A.M. Best.
The ratings agency’s recent report, "Special Report: U.S. Surplus Lines - Segment Review. Surplus Lines Results Stumble Amid Sandy Losses, but Premium Growth Continues" points to Superstorm Sandy as a large factor in the sector’s worst years overall in recent memory. The latest estimates place insured losses from the Oct. 29, 2012 catastrophe near $25 billion, and it’s unclear how much of this insured loss the surplus lines market will absorb. The sector's fourth-quarter loss ratio surged nearly 12 points, to 64.8 from 52.9, indicating that surplus lines were not spared.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access