“We really expect underwriting performance to improve pretty rapidly in 2024”
Since joining Swiss Re in 2006, industry veteran Monica Ningen (pictured above) has held a number of leadership roles and currently serves as CEO of property and casualty reinsurance for the US.
Ningen recently sat down to chat with Insurance Business about the state of the P&C space, how it’s evolving to cope with issues like climate change, and what lies ahead for 2024.
IB: How is the US property and casualty sector faring right now? What opportunities and challenges is it facing?
Ningen: We expect the P&C direct premium written to exceed a trillion dollars already this year, with personal auto accounting for a third of that total. That comes after a second consecutive year of double-digit growth. So when we look over the next decade, we expect the industry to grow slightly faster than the economy, driven by property and liability premiums – which have also grown faster than GDP, historically.