News From Law.com
As a new year approaches, AM Best is maintaining its negative outlook for the U.S. personal lines segment as results for personal auto and homeowners continue to deteriorate and rate adequacy remains elusive. The rating agency's outlook is driven by rising loss cost severity; higher reinsurance costs and tighter terms; increased losses from secondary perils; higher overall retentions for property lines, which in turn drive higher net losses; and restrictive regulatory environments in some states.
Property & Casualty
December 05, 2023, 8:28 AM