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US specialty and nationwide insurers showed uneven evidence of rising ex-cat, accident-year loss ratios in early fourth quarter disclosures to demonstrate the need for more conservative loss picks at this point in the market cycle.
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Earnings commentary and the latest pricing survey from The Council of Agents & Brokers (CIAB) have provided evidence of some stabilisation in softening of US P&C insurance rates.
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Rising frequency and severity in auto claims prompted US giant Travelers to raise rates and more increases are in the pipeline, in a trend evident across car insurance in the P&C industry.
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After sustained rate decreases last year, Wells Fargo has predicted that 2017 will again be a buyers' market in the US.
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Insurance buyers should look to multi-year property cat deals to take advantage of the ongoing soft market, according to broker Marsh.
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Forest fires in Chile have destroyed 1,000 buildings in the town of Santa Olga, one of several communities reduced to ashes as wildfires spread across the country.
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The aviation insurance market is starting to firm, according to JLT, with rates hardening, line sizes reducing and underwriters taking a more disciplined view of risk.
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Global broker JLT Re noted that reinsurance rating pressure continued to abate in the 1 January renewals, as it warned that the sector could be approaching the point of failing to meet its cost of capital.
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News last week that OneBeacon has gone on the auction block follows several years in which the specialty insurer was unofficially up for grabs.
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P&C (re)insurers are expected to deliver fourth quarter earnings in line with analyst expectations after catastrophe losses remained moderate during the period.
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Reinsurers' struggle for better prices continued through the 1 January 2017 renewals, as P&C analysts expected rates to improve year-on-year but still remain in negative territory.
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The US Government Accounting Office (GAO) has provided lawmakers with a detailed examination of two ways in which insurers might be required or at least encouraged to finance the federal Terrorism Risk Insurance Act (Tria).
