The industry-wide loss ratio was 66.5 per cent in the fourth quarter of 2013, down from 79.1 per cent in Q4 2012, Swiss Re reported. The full-year loss ratio was 74.3 per cent in 2012, down from 79.4 per cent in 2011. Swiss Re predicts the loss ratio for the full year will be 68 per cent in 2013 and 70 per cent in 2014.
Across all personal lines, direct written premiums in 2013 were 4 per cent higher than in 2012. The growth in personal lines was 5.3 per cent in 2013 and 4.8 per cent in 2012. According to the report, the growth in 2013 was “supported by rate increases for the homeowners segment.”