A slew of natural catastrophes in the previous number of months would possibly place the recovery in german property-casualty ( p/c ) insurers’ underwriting profitability on hold this year, aforementioned normal & poor’s ratings services in its report printed today
“A cluster of natural catastrophe claims may place underwriting profitability in german property-casualty insurance on pause, ” on ratingsdirect.
The combined toll of 3 significant natural catastrophe events since june can doubtless halt underwriting profitability and potentially push the sector’s average gross combined ratio toward 100% or maybe beyond in 2013.
The june flood and late july hailstorms are among the best insured losses ever experienced of your kinds of natural catastrophes in germany.
Still, this year’s claims events ought to prompt more rate will increase which can bolster the p/c sector’s underwriting profitability in 2014-2015. we are maintaining our stable outlook regarding the german p/c sector and our view that domestic insurers face low trade and country risk. german p/c insurers that normal & poor’s rates are usually strongly capitalized and ready to absorb the losses coming from the recent natural catastrophe events, in our own view.
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