Boost Profits & Improve Customer Service in Insurance Business

If your insurance company is seeing a growth in negative pressure on profitability, you’re not alone. According to APCIA and Verisk, property and casualty insurers experienced $26.9 billion in underwriting losses in 2022—a six-fold jump from 2021—partly attributed to Hurricane Ian and the increase of input costs. Despite an 8.3% increase in earned premiums in 2022, property and casualty insurers also experienced a 14.1% growth in incurred losses and loss adjustment expenses. 

In addition to inflationary and cost challenges, natural catastrophes will likely continue to add downward pressure on property insurance profitability. The increased intensity of natural catastrophes from climate change is resulting in more frequent “100-year cat events” that are seemingly the norm rather than the rarities they once were.