Due to a combination of strong underwriting profitability and positive investment income, the P&C sector resulted in a very successful year, according to DBRS Morningstar, which also reported that reinsurance companies performed significantly better compared to 2020, despite higher catastrophe losses.
However, the Russia-Ukraine conflict, climate-related losses, and legacy COVID issues weigh on the outlook for 2022, as the market volatility resulting from the ongoing conflict is already affecting equity market valuations of insurance companies, its analysts say.
