Selective UW income halves to $30mn as inflation drives non-cat property losses higher

Selective Q2 results

Selective Insurance’s underwriting profits fell to $30mn in the second quarter from $60mn in the prior period, as higher severity on non-cat property losses driven by inflation on car prices, auto repair costs, building materials, and labor, along with a pickup in catastrophe losses, weighed on the insurer’s results.

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