Brit Managing Agency has released its latest forecasts for the 2017 account for its managed syndicate 2988, as follows:-
2017 Year of Account
Latest forecast as at
31 December 2018
(49.44%) to (44.43%)
(33.02%) to (28.01%)
These figures represent a mid-point deterioration of 16.42 points from the previous forecast. Brit has reported that this is not as a result of catastrophes but attributed to a deterioration in attritional loss ratios on certain classes. In particular the engineering account, which has now been closed and is not part of the syndicate in 2019, has seen two large losses from mining claims and increased attrition. As a consequence actuaries have deteriorated the loss ratios at the year end on the 2017 and 2018 year of accounts.
Furthermore, the high value homes 2017 account has experienced some large losses from fires and floods.