US P&C industry ‘battered’ by $27bn of cat losses
US P&C insurers were "battered" by record catastrophe
losses of $27bn as reserve releases slowed and underlying
underwriting results deteriorated, AM Best said.
As a result the industry slid to an underwriting loss of $22.2bn on
a combined ratio of 109.6 percent, and only salvaged a $6.9bn
profit on investment income.
AM Best said that "the vast majority" of the cat losses were associated with the tornadoes and hailstorms that hit the Midwest and the south-east US in April and...
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