巴克莱-美股-保险行业-美国保险业Q4总结与展望：财产与灾害险市场稳定-2018.2.16-80页

EquityResearch16February2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE74.U.S.Insurance4QRecap/Outlook:StabilizingP&CMarket;LifetobeHelpedbyRatesAnotherHeavyCatastropheQuarterforP&CRe/Insurers.P&Cinsurers’4QresultswerenegativelyimpactedbyCaliforniawildfirelossesfollowingalreadysubstantial3Qhurricane-relatedlosses.Totalinsuredcatastrophelossesin‘17areexpectedtobeamongthelargestonrecord,althoughnotsubstantialenoughtocauseabroadtighteninginP&Cmarketconditions.Thisisbecausethesecatastropheloss