Navigating the Insurance Industry's Underwriting Landscape: Insights and Future Projections

Personal Lines Underwriting Losses Continue

The property and casualty insurance industry has experienced its second consecutive year of underwriting losses, primarily driven by personal lines, according to the latest industry underwriting projections by actuaries at Triple-I and Milliman.

Improving Underwriting Results and Premium Growth

The net combined ratio for 2023 was 101.6, an improvement from 2022. Premium growth is expected to further improve underwriting results in 2024, with the 2024 industry net combined ratio forecast at 100.2.

Commercial and Workers Compensation Lines Performance

The 2023 commercial lines net combined ratio was 96.2, while workers compensation showed strong results with a net combined ratio of 87.3, the second lowest in over 15 years.