Finally — An Underwriting Profit

Finally.

A new report from Verisk and the American Property Casualty Insurance Association (APCIA) says the property and casualty insurance industry had a $3.7 billion underwriting gain in the first half of 2024.

Verisk spokesperson Saurabh Khemka said the industry also had a net income of $94.6 billion in the first half of the year.

“After years of consistent losses, premium growth is helping the overall industry move towards stabilization, with positive first-half underwriting gains for the first time since 2021,” Khemka said.

Net written premiums also grew 10.3% to $462.7 billion. That compares fairly evenly to the 9.6% rise seen in the first half of 2023.

Robert Gordon is the senior vice president of policy, research, and international at APCIA. He said, “It remains to be seen if insurers can finish the year with an underwriting profit after two straight years of underwriting losses.”

Gordon noted commercial lines are profitable but personal lines insurers are really struggling to contain increasing losses.

Source link: Carrier Management — https://bit.ly/3MxAC2o