Private passenger auto held a combined ratio well below 100 for a second straight year, while commercial auto liability absorbed another $2.0 billion in reserve deficiencies.
The U.S. property/casualty insurance industry generated $84 billion in underwriting gains across the past two full calendar years, its strongest showing in a decade and a reversal of the $51 billion in underwriting losses the sector absorbed from 2021 through 2023, according to a new AM Best report.
The turnaround began in 2024 with a $45 billion underwriting gain and carried through 2025 despite substantial losses early in that year from the Los Angeles
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