Instead of 2022 bringing stability to the Property and Casualty (P&C) industry, catastrophic events (CAT) resulted in a volatile market. Although the Florida coast was the hardest hit, CAT in other states contributed to the high underwriting losses of all P&C insurers. Estimates vary for the Total Cat Insured losses in 2022; however, the latest reports calculate in excess of $125B.
The losses for 2022 continued the trend of a 5 to 7 percent loss every year for the last 10 years. Predictions are that similar losses will continue into 2023.