Property casualty business again produced an underwriting profit globally in 2019, according to Aon’s fifteenth annual Insurance Risk Study.
The property casualty business globally had a combined ratio of 97.4 percent, Aon said. Europe averaged a 95.5 percent combined ratio, while Asia Pacific and the Americas each averaged 98.0 percent.
Aon noted that 24 of the top 50 markets had combined ratios below 95 percent, while 14 countries were below 90 percent. This compares with 24 and 10 countries, respectively, in 2018.
At year end 2019, global premium stood at an all time high of $5.6 trillion, an increase of 3.2 percent over the previous year. Reinsurance premiums grew by 12.8 percent year on year, while property casualty premium increased by 4.1 percent and life and health premium increased by 2.3 percent.
Global capital increased 3.5 percent year on year to $4.9 trillion, with reinsurance capital growing by 6.8 percent.
Aon, Insurance Risk Study