A rise in first quarter losses in the homeowners insurance line of business primarily put U.S. property/casualty underwriting results in the red, according to AM Best.
The U.S. P/C industry booked a $8.2 billion underwriting loss during for the first quarter compared with a profit of $3.4 billion during the same time in 2022.
This article is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.