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Live /The Daily Actuary · No. 252 /Thursday, September 10, 2026 /
Featured Analysis · Health

Health Insurers Ceded $203 Billion in 2025, and the 90.3% Loss Ratio Reads Net

By Sam Editor · September 9, 2026 · 5 min read

AM Best put 2025 ceded US health insurance premium at $203 billion against $59 billion in 2016, 3.4 times the level. The NAIC's 90.3% aggregate loss ratio and 100.6% combined ratio are computed after those cessions.

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Today's Original Analysis

7 pieces in today's edition
Technology & AI

AM Best Tells the NAIC That AI Belongs in Underwriting Risk

AM Best told the NAIC's AI working group that AI is no separate risk category. Pricing and risk-selection failures land in product and underwriting risk, where the ERM block can cut a rating four notches. Sep 9
5 min
P&CSep 9 · 5 min

Hanover's Personal Book Renewed at 8.7% and 4.8% in the Same Filing

Seven P&C carriers publish six differently defined renewal pricing metrics in their own SEC filings. Hanover discloses both versions for its Personal Lines book, and they sit 3.9 points apart. HealthSep 9 · 5 min

CHOICE Arrangements Add 500,000 Lives to a Pool Priced for 8.5% Morbidity

CMS and the SBA renamed ICHRA the CHOICE Arrangement on September 3, leaving the 2019 rule intact, while 500,000 employer-funded lives sit inside an individual pool whose PY2026 filings loaded morbidity 8.5%. ReinsuranceSep 9 · 4 min

Reinsurers Carry 40% of Cat Exposure but Pay Under 25% of Losses

Reinsurers carried 40% of natural-catastrophe exposure since 2021 but paid under 25% of 2025 losses. Howden Re's 2022 backtest shows why that gap can close faster than its cycle model predicts. P&CSep 9 · 5 min

Statement of Actuarial Opinion 2026: NAIC Strikes a Clause the CAS Rescinded in 2020

A redlined NAIC worksheet deletes "and principles" from the sentence every appointed actuary signs: the CAS rescinded its reserving principles in December 2020, six statement cycles ago, and never... ReinsuranceSep 9 · 5 min

Gallagher's 2027 P&I General Increase: 2.5% to 5%, With the Container Rate Up 42%

Gallagher Specialty puts the 2027 P&I general increase at 2.5% to 5%, a charge brokers quote before the International Group excess loss rate adjustment, which has taken the container tariff up 42.1% since 2024. P&CSep 9 · 4 min

One QBE Deal Is 62% of PwC's 2026 Run-Off Volume

One $1.6B QBE-RiverStone deal makes up 62% of PwC's $2.57B insurance run-off volume for 2026, leaving an implied $57M per other announced deal and a public series that cannot reveal legacy pricing.
“ AM Best told the NAIC's AI working group that AI is no separate risk category. Pricing and risk-selection failures land in product and underwriting risk, where the ERM block can cut a rating four notches. — Sam, in today's edition

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