April 18, 2018 09:45
The island of Puerto Rico after the passage of Maria (Photo : Coast Guard News)
In 2017, the property and casualty insurers, north american have experienced the loss of bids for the first time since 2011, according to a report from the firm Fitch Ratings, which analyzed the results of 51 insurers and reinsurers. Fairfax Financial holding company is the only canadian company that is found in the list, has confirmed to Fitch in the Journal of the insurance.
The results show that the average combined ratio of the insurers in north america is high at 102 % to 2017, compared to 96.2% for the previous year. According to the report, 26 of the 51 companies had a combined ratio higher than 100 %. Fitch attributes these results to the many damages caused by the hurricanes Harvey, Irma and Maria. The forest fires in California have also had an impact on insurers ‘ losses.
More than double the losses
The net losses in connection with the disasters reported by the group amounted to 33.7 billion us dollars (G$ US) in 2017, up from 12.9 billion US dollars in 2016.
The net results have also deteriorated to 2017. The operating profit overall decreased by 23 % compared to the previous year. In addition, the operational performance of global equity has dropped by nearly 200 points, to 4.6 %. Nine companies reported a return on investment of more than 10 % this year.
Results are more positive for Canada
SCOR Canada Reinsurance Company has made the study of the results of the 2017 48 canadian companies insurance. On average, the companies achieved a combined ratio of 98,18 % in comparison to 99,78 % for 2016.
Canadian insurers have also experienced an increase in direct premiums written. In 2017, the figure amounted to 47.6 billion US dollars compared to almost$ 45 billion in 2016. The net written premiums have reached 41,3 G$ in 2017 and 40.5 G$ in 2016.