Gitnux/Report 2026

Property Casualty Insurance Industry Statistics

With the U.S. property and casualty combined ratio at 99.6, the industry is essentially treading water while storms, cybersecurity risk, and rising costs keep pressure on underwriting results. See how $1.2 trillion in 2023 losses and loss adjustment expenses and $115 billion in global catastrophe insured losses are changing what insurers charge, how they manage exposure, and even how quickly vendors and breach risk are governed.
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Property Casualty Insurance Industry Statistics
Daniel VargaWritten by Daniel Varga·Edited by Jonathan Hale·Fact-checked by Abigail Foster
Last verified Jul 10, 2026
Verified via a 4-step process
01Source

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Verify

Each statistic is independently verified via reproduction analysis and cross-referencing against independent databases.

03Grade

Figures are graded by cross-model consensus. Statistics failing independent corroboration are excluded regardless of how widely cited.

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Next review Jan 2027
Global insured catastrophe losses reached $21 billion in the first quarter through early 2024, with weather-related events driving much of the damage. U.S. property and casualty insurers ended full-year 2023 with a 99.6% combined ratio, close to breakeven after underwriting results. The analysis connects catastrophe cost swings and premium pricing pressure with cyber and operational risk to explain how insurers protect margins.

Key Takeaways

  • 2023 U.S. property/casualty insurers’ losses and loss adjustment expenses totaled $1.2 trillion (NAIC / III summarized).
  • 2023 U.S. incurred losses for property/casualty insurers were $1.19 trillion (NAIC data summarized in industry reporting).
  • In 2022, property/casualty insurers paid $1.44 trillion in claims (NAIC / IRS and industry reporting summarized by III).
  • The Insurance Information Institute reported that average U.S. private passenger auto premium in 2023 was about $1,700.
  • The Insurance Information Institute reported that 2023 homeowners average annual premium was about $1,800 in the U.S.
  • 2023 net written premiums for U.S. workers’ compensation insurance were $59.6 billion.
  • 2023 global natural catastrophe insured losses were estimated at $115 billion (Aon).
  • 2024 (through Q1) global insured catastrophe losses were $21 billion for the first quarter, driven primarily by weather-related events (Aon).
  • 2024 average U.S. homeowners insurance rate change was +7.1% (NAIC / state rate filing aggregation reported by industry analysts).
  • The U.S. property insurance industry’s average combined ratio for 2023 was 101.1 (S&P Global Market Intelligence).
  • The U.S. property and casualty insurance industry’s full-year 2023 combined ratio was 99.6 (S&P Global Market Intelligence).
  • Moody’s reported that the industry combined ratio exceeded 100 in 2022 (100.4), reflecting underwriting losses.
  • A 2023 S&P Global Market Intelligence analysis estimated that 25% of insurers are in advanced stages of cloud migration (planning + execution).
  • In 2023, the NAIC adopted updated cybersecurity accreditation standards for insurers with the goal of improving consistent cyber risk management outcomes.
  • As of 2024, 48 states and territories use some form of NAIC cyber model law framework (Insurance Information Institute coverage of state adoption).

In 2023, insurers faced $1.2 trillion in losses and near breakeven combined ratios while premiums rose.

Related reading

02 · Category

Cost Analysis7 stats

01
2023 U.S. property/casualty insurers’ losses and loss adjustment expenses totaled $1.2 trillion (NAIC / III summarized).
02
2023 U.S. incurred losses for property/casualty insurers were $1.19 trillion (NAIC data summarized in industry reporting).
03
In 2022, property/casualty insurers paid $1.44 trillion in claims (NAIC / IRS and industry reporting summarized by III).
04
In 2023, U.S. policyholders received $1.10 trillion in claim payments for property/casualty (III, claims payout reporting).
05
A 2023 Ponemon Institute study found the average cost of a data breach was $4.45 million (global benchmark).
06
The U.S. Bureau of Labor Statistics reported that the Producer Price Index for construction materials increased by 3.8% in 2023.
07
BLS reported that the CPI for auto insurance increased by 10.1% over 12 months ending in December 2023.
Interpretation

Cost Analysis Interpretation

For cost analysis, property and casualty insurers handled massive claim outflows, with 2023 incurred losses reaching $1.19 trillion and policyholders receiving $1.10 trillion in claim payments, showing how central loss costs are to the industry’s overall expense burden.

03 · Category

Performance Metrics7 stats

01
The U.S. property insurance industry’s average combined ratio for 2023 was 101.1 (S&P Global Market Intelligence).
02
The U.S. property and casualty insurance industry’s full-year 2023 combined ratio was 99.6 (S&P Global Market Intelligence).
03
Moody’s reported that the industry combined ratio exceeded 100 in 2022 (100.4), reflecting underwriting losses.
04
Fitch Ratings noted that 2022 property/casualty insurers’ underwriting results deteriorated, with the industry combined ratio at 103.3 (Fitch).
05
2023 underwriting gain for U.S. property and casualty insurers was $6.8 billion (AM Best).
06
2023 U.S. property and casualty insurance combined ratio was 99.6%, indicating roughly breakeven underwriting and investment offset (S&P Global).
07
NHTSA reported 40,990 traffic fatalities in 2022 (FARS), which is used by auto insurers for pricing and loss estimation.
Interpretation

Performance Metrics Interpretation

For the performance metrics in 2023, the U.S. property and casualty industry hovered near breakeven with a combined ratio of 99.6 after exceeding 100 in 2022, showing a meaningful underwriting improvement that was only slightly offset by investment results.

More related reading

04 · Category

Market Size6 stats

01
The Insurance Information Institute reported that average U.S. private passenger auto premium in 2023 was about $1,700.
02
The Insurance Information Institute reported that 2023 homeowners average annual premium was about $1,800in the U.S.
03
2023 net written premiums for U.S. workers’ compensation insurance were $59.6 billion.
04
2023 net written premiums for U.S. commercial multiple peril were $124.9 billion.
05
NAIC reported that, in 2023, U.S. property and casualty insurers held $1.3 trillion in net worth (policyholder surplus).
06
NAIC reported that total U.S. property and casualty insurer surplus was $595 billion in 2023.
Interpretation

Market Size Interpretation

For the Market Size perspective, the U.S. property and casualty insurance industry shows deep scale with $1.3 trillion in policyholder surplus in 2023, supported by major premium flows such as $59.6 billion in workers’ compensation and $124.9 billion in commercial multiple peril.

05 · Category

Regulatory & Risk5 stats

01
In 2023, the NAIC adopted updated cybersecurity accreditation standards for insurers with the goal of improving consistent cyber risk management outcomes.
02
As of 2024, 48 states and territories use some form of NAIC cyber model law framework (Insurance Information Institute coverage of state adoption).
03
In the U.S., the Federal Trade Commission reported that 2023 had more than 1.5 million consumer identity theft complaints (FTC).
04
The NAIC reported that the number of companies under its catastrophe model law compliance reviews increased by 14% in 2023.
05
In 2024, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) reported that ransomware remained among the top threat types in its annual threat report; 2023 ransomware reports were up 10%.
Interpretation

Regulatory & Risk Interpretation

For the Regulatory and Risk angle, the NAIC and regulators are steadily tightening cyber oversight as 48 states and territories adopt NAIC cyber model law frameworks and the NAIC expanded catastrophe model law compliance reviews by 14% in 2023 while ransomware remains a leading threat in 2024.

06 · Category

Industry Overview6 stats

01
1.48% of all market value of the P&C industry’s statutory surplus was the 2023 industry ROE (Return on Equity) metric reported by S&P Global for U.S. property and casualty insurance (industry-level profitability measure).
02
2023 underwriting and investment results were reported as a combined ratio benchmarked near breakeven for the overall U.S. P&C industry, with underwriting performance offset by investment income (industry-level profitability context).
03
A 2023 S&P Global Market Intelligence analysis estimated that 25% of insurers are in advanced stages of cloud migration (planning + execution).
04
6.2% was the projected 2025 U.S. real GDP growth rate in CBO’s February 2025 economic forecast.
05
The average 2024 U.S. private passenger auto insurance rate level change was +3.6% according to an industry rate-monitoring publisher’s update.
06
In 2024, a regulatory compliance survey found 71% of U.S. insurers had implemented a formal vendor risk management (VRM) program for third-party technology suppliers.
Interpretation

Industry Overview Interpretation

For the Industry Overview lens, the U.S. property casualty sector appears to be operating at near breakeven underwriting in 2023 while only 1.48% of statutory surplus came through as 2023 ROE, even as adoption pressure builds with 25% of insurers already in advanced cloud migration and 71% having formal vendor risk management programs.
report visual · Comparison

Catastrophe losses and underwriting context for property & casualty insurers

Global catastrophe losses and U.S. underwriting metrics point to a market balancing large loss experience with near-breakeven underwriting results.

2023 global natural catastrophe insured losses were estimated at $115 billion (Aon).$115 billion
2023 U.S. property and casualty insurance combined ratio was 99.6%, indicating roughly breakeven underwriting and invest
99.6%
In 2023, U.S. policyholders received $1.10 trillion in claim payments for property/casualty (III, claims payout reportin
$1.10
source-verifiedaon.com · iii.org · spglobal.com2023
Reference

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Daniel Varga. (2026, February 13). Property Casualty Insurance Industry Statistics. Gitnux. https://gitnux.org/property-casualty-insurance-industry-statistics
MLA
Daniel Varga. "Property Casualty Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/property-casualty-insurance-industry-statistics.
Chicago
Daniel Varga. 2026. "Property Casualty Insurance Industry Statistics." Gitnux. https://gitnux.org/property-casualty-insurance-industry-statistics.

Sources & references

42 datasets cited across this report · attribution is report-level

iii.orgnaic.orgaon.comspglobal.commoodys.comfitchratings.comambest.comncei.noaa.govibm.comidentitytheft.govoecd.orgworldbank.orgcrashstats.nhtsa.dot.govbls.govcisa.govweforum.orgcbo.govgartner.com

+24 additional datasets cited (not shown individually)