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You are here: Home / News / Underwriting Losses Persist in US Property/Casualty Industry Total $21.2 Billion in 2023

Underwriting Losses Persist in US Property/Casualty Industry Total $21.2 Billion in 2023

March 25, 2024 By CollisionWeek Editor

The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in 2022, according to a new AM Best report.

AM BestThese preliminary results are detailed in a new Best’s Special Report, titled, First Look: 2023 US Property/Casualty Financial Results, and the data is derived from companies’ annual statutory statements received as of March 8, representing an estimated 97% of the total P/C industry’s net premiums written.

According to the report, the P/C industry’s combined ratio improved slightly by 0.9 percentage points to 101.6 in 2023. Catastrophe losses accounted

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Filed Under: News Tagged With: Combined Ratio, Earnings, Property Casualty Insurance

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