The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, a slide of $21.5 billion from the prior year’s underwriting loss, according to a new AM Best report.
These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month 2022 US Property/Casualty Financial Results,” and the data is derived from companies’ annual statutory statements received as of March 9, representing an estimated 96% of the total P/C industry’s net premiums written.
According to the report, personal lines losses and the impact of Hurricane Ian caused the industry’s combined ratio to deteriorate to
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