The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7 and personal lines at 109.9, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
Record levels of severe convective storm losses were the single biggest driver of the overall adverse results.
Hard markets continue with 2023 net written premium growth forecast at 9%, the actuaries added.
