The U.S. property/casualty insurance industry recorded a $35 billion net underwriting gain in the first nine months of 2025, up from nearly $4 billion during the same period last year, according to a new AM Best report.
The improvement was driven by lower catastrophe losses during the third quarter and continued premium growth
Net premiums increased 7% compared with the first nine months of 2024, while losses and loss adjustment expenses remained essentially flat. The industry’s combined ratio improved four percentage points to 94.0, with catastrophe losses accounting for an estimated 8.0 points on the nine-month combined ratio, down from
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