Two Reports — Insurance Underwriting & Combined Ratio Improving

Two reports from S&P Global Market Intelligence and Milliman and the Triple I have good things to say about the state of insurance.

The S&P report said the combined ratio for both personal lines and commercial lines are just 0.4 points apart. That’s very rare. The aggregate 2024 combined ratio hit 96.5. That’s the lowest it has been since 2013.

The combined ratio for 2024 for personal lines is 96.7. Commercial lines saw a combined ratio of 96.2.

“U.S. P&C industry achieves best underwriting results in over a decade in 2024,” the S&P report noted. The homeowners line had the best improvement. It fell 11.2 points to 99.7.

Even better, homeowners saw the first underwriting profit since 2019.

Here’s more:

• Private passenger auto combined ratio is 95.3 — a 9.6% drop
• Commercial auto’s 2024 combined ratio is 107.2 — down just 2.1 points
• Commercial property’s combined ratio was the most improved at 77.2
• Work comp was 88.8

The Triple-I and Milliman report looks much the same. The combined ratio total is a bit higher than S&P’s. The report says the 2024 combined ratio for both personal and commercial lines is 96.6, a 5.1 point drop from a 2023.

Source link: Carrier Management — https://bit.ly/3YPmA2M

Source link: Triple-I — https://bit.ly/3SgDFyR