Annual P&C Direct Premiums Hit $1 Trillion

S&P Global Market Intelligence has crunched the numbers and found the 2024 end of year figures for annual direct written premiums hitting $1 trillion for the first time. The total is $1.05 trillion and it’s up 8% from the 2023 end of year figure.

Commercial business lines saw growth of 4% from 2023 to 2024 and ended the year at $502.35 billion. Three commercial property lines — allied lines, fire and commercial multi-peril and non-liability — had a 2024 end of year total of $103.97 billion.

The combination of product liability, medical professional liability, commercial multi-peril liability and “other” liability saw $162.7 billion in direct written premiums in 2024.

Commercial auto direct written premiums rose 10.2% to $70.94 billion while workers’ compensation direct written premiums fell 5.3% to $55.44 billion. Accident and health lines were close to flat at $8.63 billion.

That compares to $8.46 billion in 2023.

Personal lines direct written premiums for homeowners, farm owners and private auto saw a total of $534.92 billion. That compares to $477.04 billion in 2023.

Source link: Business Insurance — https://bit.ly/43BmQ8K