AM Best reports that a 9.9% growth in net earned premium in 2023 was countered by a 10% increase in incurred losses and loss adjustment expenses, a 6.4% increase in other underwriting expenses and a 4.5% increase in policyholder dividends, which ultimately resulted in underwriting loss. Photo: pla2na/Adobe Stock
See Also
IBISWorld - Industry Market Research, Reports, and StatisticsLargest Insurance Companies — Forbes Global 2024Commercial Insurance Market Size & Share Report, 2024 – 2032U.S. Property/Casualty Industry Records $21.2B Underwriting Loss in 2023 - Risk & InsuranceThe United States property and casualty insurance industry recorded an underwriting loss of $21.2 billion in 2023, an improvement from the loss of $24.9 billion in 2022, says a recent report from AM Best. The combined loss ratio for the P&C industry improved by 0.9% from the year prior to 101.6% in 2023.
