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
The 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.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
