“The one commercial line that swung most decidedly in a negative direction was other liability occurrence, which AM Best believes includes the preponderance of umbrella and excess liability coverage,” says Christopher Graham, senior industry research analyst, Industry Research and Analytics, AM Best. “Insurers of these coverages have pushed to achieve pricing levels more indicative of recent loss trends, with larger commercial auto losses having a negative impact on umbrella and excess lines’ profitability.” (Illustration credit: ShinneProject/Adobe Stock)
The U.S. property and casualty (P&C) insurance sector experienced a significant turnaround in 2024 and achieved a net underwriting gain of $22 billion, according to fresh reporting from AM Best.
This is a stark contrast to the $23 billion underwriting loss the industry faced in 2023.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
