For much of 2022, the P&C insurance market was on a path toward stabilization. Then came Hurricane Ian, which helped fuel the third-most expensive Atlantic hurricane season on record and has driven an imbalance between reinsurance supply and demand.

Despite uncertainty about the reinsurance market — notably, upcoming Jan. 1, 2023, treaty renewals — core P&C insurers reported both profitability and growth in the third quarter. Still, insurers experienced $24.3 billion in underwriting losses through the first nine months and industry surplus is falling. And while conditions in other lines are largely predictable, property is casting a major shadow over the market.

Explore our December 2022 Lockton Market Update (opens a new window) for more on the state of the insurance marketplace.