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Generali raises P&C pricing caution as cat losses nearly double in H1
Generali said natural catastrophe losses consumed 3.6% of its P&C combined ratio, up from 1.7% a year earlier, nudging the ratio to 91.5% from 91.0%.
Generali reported solid headline results for the first half of 2026, with gross written premiums up 5.8% to €53.4 billion and consolidated operating result rising 11.2% to €4.5 billion, even as natural catastrophe losses worsened materially in its property and casualty business. In P&C, natural catastrophe losses consumed 3.6% of the combined ratio in H1 2026, nearly doubling from 1.7% in the same period last year. That cat load increase helped lift the group P&C combined ratio from 91.0% to 91.5%, though the company said the underlying attritional loss ratio improved by 0.4 percentage points to 64.3% when stripping out cat impacts. Generali also reported an undiscounted combined ratio of 93.8%, and its P&C gross written premiums grew 6.3% to €20.0 billion. The insurer said it plans to reinforce a flexible approach to P&C tariff adjustments given a general increase in natural catastrophe events, and it flagged non-motor lines as its primary P&C growth focus going forward. The report also noted that global commercial property rates fell 12% in the second quarter of 2026, according to Marsh’s Global Insurance Market Index, marking the eighth straight quarter of declines. Generali also provided results beyond P&C, including life net inflows of €8.3 billion in H1 2026, up 33.9%, which it described as a record first-half figure. New business value rose 21.1% to €1.9 billion, and the life operating result increased 8.8% to €2.2 billion.