Q2 wrap: solid headline results mask core deteriorations

P&C (re)insurance companies enjoyed a light cat quarter in
the three months to 30 June 2017, reporting relatively healthy
returns while the competitive market environment continued to
pressure underlying margins.
Underwriting margins were widened by the absence of major
catastrophe losses in the second quarter. The low level of cat
activity returned 4.8 percentage points to combined ratios on a
simple average basis across the companies in our analysis.
This compared to the prior-year period