U.S. Property/Casualty Industry Nearly Triples Underwriting Income to $31.2 Billion in First Half

The U.S. property/casualty industry recorded $31.2 billion in net underwriting income in the first half of 2026, nearly three times the $10.9 billion posted in the same prior-year period, according to a new AM Best report. The industry’s combined ratio improved four points to 92.5. A combined ratio below 100 indicates an underwriting profit.

Incurred losses and loss-adjustment expenses fell 5% in the six months while net earned premiums rose 3%. Personal auto carriers have begun handing the resulting margin back rather than holding it: State Farm cut auto rates in 40 states by an average of 10% before declaring