S&P Global Ratings' view of the U.S. property/casualty (P/C) insurance sector is negative. Challenges for the sector include weak underwriting results in personal lines due to higher claims outpacing rate increases, as well as higher interest rates that reduced the market value of P/C insurers' fixed income portfolios and GAAP shareholders' equity. In addition, elevated natural catastrophe losses have been exacerbated by the less accommodative, more expensive reinsurance market.