Verisk Analytics and American Property Casualty Insurance Association report that U.S. property and casualty insurers achieved one of their strongest underwriting performances in recent years in 2025, reflecting improved efficiency and favourable operating conditions.
The industry generated an estimated $63 billion in net underwriting gains, a substantial increase from $23 billion in 2024, highlighting a year of robust profitability and strengthened financial performance.
Premium growth remained healthy, with written premiums rising 4.8% to $971 billion and net earned premiums climbing 6.3% to $953 billion. Underwriting quality also improved significantly, with the combined ratio reaching 92.9%, demonstrating enhanced discipline and operational effectiveness across the market.
Saurabh Khemka highlighted that the sector delivered exceptional results, supported by strong underwriting practices and positive market dynamics. Key lines such as personal auto and workers’ compensation showed continued improvement, driven by effective pricing strategies and refined risk selection.
Robert Gordon added that the industry experienced greater stability in 2025, with balanced growth and improved alignment between pricing and risk, contributing to a more resilient market environment.
Overall, the results underscore the sector’s ability to generate strong returns while maintaining underwriting discipline, positioning U.S. P&C insurers for continued success as they build on this momentum into 2026.
