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Best’s Special Report: Underwriting Losses Persist in U.S. Property/Casualty Industry, Total $21.2 Billion in 2023

The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in the prior year, according to a new AM Best report.

These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2023 US Property/Casualty Financial Results,” and the data is derived from companies’ annual statutory statements received as of March 8, 2024, representing an estimated 97% of the total P/C industry’s net premiums written.

According to the report, the P/C industry’s combined ratio improved slightly by 0.9 percentage points to 101.6 in 2023. Catastrophe losses accounted for an estimated 8.7 points on the combined ratio, up from 7.3 points in 2022, driven by record severe convective storm losses. The underwriting loss came despite a 9.9% growth in net earned premiums, as this was countered by a 10% increase in incurred losses and loss adjustment expenses, a 6.4% rise in other underwriting expenses and a 4.5% increase in policyholder dividends.

With net investment income virtually unchanged from the prior year, the lower 2023 underwriting loss boosted pre-tax operating income by 4.8% to $50.0 billion. A $51.1 billion change in net realized capital gains at National Indemnity Company resulted in net income for the industry more than doubling to $90.1 billion.

To access the full copy of this special report, please visit

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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