Global property and casualty (P&C) reinsurers have reported strong underwriting and investment profitability in the first quarter of 2024, driven by favorable reinsurance pricing, lower natural catastrophe losses, and strong fixed income yields. According to a Morning Star DBRS report, the industry recorded an average combined ratio of 84.2% for Q1 2024, 5.8% lower than the same period in 2023. Despite the positive results, the report warned of potential headwinds, including the upcoming Atlantic hurricane season and global economic uncertainty, which could impact full-year results. The industry’s strong capital position and favorable pricing environment are expected to support reinsurers in the face of these challenges.
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