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Despite growing pressures on underwriting margins and continued oversupply of capacity, global reinsurers continued to deliver growth in the third quarter of the year.
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London-listed insurers continued to grow in the third quarter in spite of market headwinds, as major rate reductions persisted across multiple lines of business.
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The P&C insurance sector made strong gains last week as initial expectations of a rout following Donald Trump's shock win in the US presidential election proved unfounded, with financial stocks galloping forwards, led by banks and life insurers.
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Aggregate returns for the US specialty composite dropped year-on-year in the third quarter as underwriting margins narrowed while investment yields remained relatively flat.
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The Insurance Insider's new composite of six major players in the US specialty market recorded lower underwriting margins as the third quarter was hit by weaker reserve releases and higher core loss ratios.
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The upward trajectory in premium growth for US specialty carriers started to show signs of plateauing in the third quarter as insurers pulled back from some lines amid competitive pricing.
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There is evidence that the stabilisation of rates seen in parts of the reinsurance market may be starting to arrive in the primary insurance space, albeit with a significant lag.
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Share price data on The Insurance Insider's universe of P&C (re)insurers
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One of the most distinctive characteristics of the third quarter results was investors' swiftness to penalise companies with poorer-than-expected earnings.
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With only Heritage left to report, the third quarter earnings season for Florida's publicly traded insurers has provided further evidence of diverging loss experience driven by the assignment of benefits (AOB) crisis.
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Carriers' top-end loss estimates from Hurricane Matthew have now surpassed $1.6bn, after AIG disclosed the largest single loss to date in its Q3 earnings.
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Bermudian carriers benefited from another relatively benign quarter for cat losses as well as higher investment yields, which allowed operating returns to rise in spite of the challenging market environment.
