"2021 saw an increase in losses for many lines, which drove rates up. In general, the frequency of losses was not up, but the severity (dollar amount) of the claims was the key driver. Natural disasters during 2021 played a role in the increases of losses. Societal factors (social inflation), such as more litigation and larger settlement values and judgment claims played another key role. The excess casualty insurers had significant losses during 2021. The market reacted to these losses by cutting capacity and raising rates."