Insurance media, GLOBAL – Sompo International published its results subscription amounting to $340.6 million in H1/2023, this figure decreased by $104.6 million compared to the same period last year due to increased losses due to natural disasters.
Reported Reinsurance news, The company’s combined commercial property and casualty ratio also increased by 3.1 points. from year to year (year-on-year) at 92.1%, which is again due to losses due to natural disasters, in addition to increased operational costs due to inflation.
Specifically, the combined ratio of Sompo International’s Global Markets segment increased by 7.5 points to 96.1%, that of the AgriSompo segment by 11.5 points to 101.8% and that of reinsurance by 1.9 points. at 90.3%.
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Only the North America segment improved, falling 1.2 points to 88.6%. Sompo International said that better prices translate into better margins for this segment.
At the same time, Sompo International’s gross written premiums in H1/2023 increased by $88 million compared to last year, reaching more than $9 billion.
The company explained that this was mainly due to strong growth in the North America (+8.4%) and Global Markets (+12.9%) segments.
Sompo International’s Reinsurance segment saw its gross premiums decrease by 2.7% to US$3.3 billion, again due to increased losses from natural catastrophes.
Furthermore, in the Consumer business line, recognized net premiums increased by US$33 million year-on-year to US$531 million, mainly due to inflation in Turkey and Asia.
Editor: S. Edi Santosa
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