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.
These 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
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.