j.p. 摩根-美股-保险行业-财产灾害保险：在积极的拐点上定价-20171108-jpmorgan-property casualty insurance pricing at a positive inflection point; upgrading cb to ow.pdf

Completed 07 Nov 2017 06:31 PM EST Disseminated 08 Nov 2017 12:15 AM EST North America Equity Research 08 November 2017 Property Casualty Insurance Pricing At A Positive Inflection Point; Upgrading CB To OW We think PC insurance prices are at a positive inflection point across most lines following Property Casualty Insurance the 3Q catastrophe losses and we would be buyers of the group. While the stocks have risen A Sarah E DeWitt, CFA modestly over the past month, we see more upside as higher pricing is a major earnings lever (1-212) 622-6461 and several investor concerns appear overblown. Many investors appear to be skeptical about sarah.e.dewitt@ the magnitude and duration of potential price increases because the 3Q catastrophe losses Bloomberg JPMA DEW ITT GO were an earnings not a capital event. While we agree the 3Q catastrophes were not a capital J.P. Morgan Securities LL event, there appears to be growing discipline among insurers and reinsurers for the need for higher prices across most lines, given low interest rates and inadequate returns in some lines. Meanwhile, the well-publicized cats make conversations with customers easier. Additionally, the catastrophe losses by company do not add