Best’s Special Report: US Property/Casualty Industry Swings to Underwriting Profit of $22.9 Billion in 2024; Marks First Gain in Four Years
The
These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2024 US Property/Casualty Financial Results,” and the data is derived from companies’ annual statutory statements received as of
According to the report, the P/C industry’s combined ratio improved significantly by 5.0 percentage points to 96.6 in 2024. Catastrophe losses accounted for an estimated 8.7 points on the 2024 combined ratio, remaining even with 2023. Growth of 9.8% in net earned premiums offset a 2.1% increase in incurred losses and loss adjustment expenses and a 9.8% rise in other underwriting expenses. The turnaround in the personal lines segment was primarily responsible for the improvement in underwriting results.
The underwriting gain, coupled with a 21.3% increase in earned net investment income, drove pre-tax operating income up 123.5%, to
Industry surplus rose from the end of 2023 to
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=352225.
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Source: AM Best
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