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A recent AM Best report reveals that 2022 was a bad year for the Property & Casualty insurance industry - largely as a result of some of the extreme weather we encountered in addition to some ongoing pandemic-related events according to a recent piece in businesswire.
Despite being well capitalized, the industry saw unrealized losses grow at the end of 2022 to over $100 billion.
Further, the personal lines segment took a loss of over $30 billion as well, which is almost three times the size of the loss it took the year before.
You can read more about some of the highlights of that report here.
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