An unprecedented number of natural catastrophes, weak investment returns and a generally sour economy severely impaired operating performance and growth for the commercial insurance and reinsurance segment of the U.S. property/casualty insurance industry in 2011, A.M. Best Co. Inc. said in a report released Monday.
Commercial property/casualty underwriters experienced an estimated $15.2 billion in underwriting losses in last year, the Oldwick, N.J.-based rating agency said, pushing the segment’s combined ratio to an estimated 108.2% last year from 102.7% a year earlier.