In the same way that insurance products mirror what’s happening in society, the underwriting process provides a window onto the state of the insurance business.
All things being equal, underwriting performance in the U.S. property and casualty (P&C) insurance sector is expected to support premium growth and remain above overall GDP during the next two years, according to a new report from the Insurance Information Institute (Triple-I) and Milliman.
The study, titled “Insurance Economics and Underwriting Projections: A Forward View,” took into account the economic landscape and combined ratios in P&C markets to reach its conclusions.
“This is an improvement on our 2025 P/C underlying growth expectations from second half of 2024” Michel Léonard, Ph.D., CBE, chief economist and data scientist at Triple-I, said in a press release about the study. “The pace of increase in P/C replacement costs is expected to overtake overall inflation in 2025 (3.3% versus 2.5%). This aligns with our earlier expectations from the second half of last year.”
In its recent synopsis of the trends affecting today’s insurance underwriters, Send Technology Solutions noted how processes have evolved in the face of unprecedented natural disasters and cyber threats as well as a volatile geopolitical environment: “Insurers are telling us that cyber, climate, environmental, and property risks are their top concerns in 2025, but we’re also seeing growing challenges in human capital, worker’s comp, trade credit, and supply chain insurance,” the study said.
The slideshow above illustrates top trends impacting today’s underwriters, according to Send Technology Solutions, an insurtech that provides commercial insurance software solutions. (All quoted material in slide captions is from the Send Technology Solutions underwriting trends report published Jan. 15, 2025.)
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