GITNUXREPORT 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.

42 statistics42 sources10 sections8 min readUpdated 18 days ago

Statistic 1

2023 U.S. property/casualty insurers’ losses and loss adjustment expenses totaled $1.2 trillion (NAIC / III summarized).

Statistic 2

2023 U.S. incurred losses for property/casualty insurers were $1.19 trillion (NAIC data summarized in industry reporting).

Statistic 3

In 2022, property/casualty insurers paid $1.44 trillion in claims (NAIC / IRS and industry reporting summarized by III).

Statistic 4

In 2023, U.S. policyholders received $1.10 trillion in claim payments for property/casualty (III, claims payout reporting).

Statistic 5

A 2023 Ponemon Institute study found the average cost of a data breach was $4.45 million (global benchmark).

Statistic 6

The U.S. Bureau of Labor Statistics reported that the Producer Price Index for construction materials increased by 3.8% in 2023.

Statistic 7

BLS reported that the CPI for auto insurance increased by 10.1% over 12 months ending in December 2023.

Statistic 8

The Insurance Information Institute reported that average U.S. private passenger auto premium in 2023 was about $1,700.

Statistic 9

The Insurance Information Institute reported that 2023 homeowners average annual premium was about $1,800 in the U.S.

Statistic 10

2023 net written premiums for U.S. workers’ compensation insurance were $59.6 billion.

Statistic 11

2023 net written premiums for U.S. commercial multiple peril were $124.9 billion.

Statistic 12

NAIC reported that, in 2023, U.S. property and casualty insurers held $1.3 trillion in net worth (policyholder surplus).

Statistic 13

NAIC reported that total U.S. property and casualty insurer surplus was $595 billion in 2023.

Statistic 14

2023 global natural catastrophe insured losses were estimated at $115 billion (Aon).

Statistic 15

2024 (through Q1) global insured catastrophe losses were $21 billion for the first quarter, driven primarily by weather-related events (Aon).

Statistic 16

2024 average U.S. homeowners insurance rate change was +7.1% (NAIC / state rate filing aggregation reported by industry analysts).

Statistic 17

2024 average U.S. auto insurance premium growth was 8.4% year-over-year for insurers’ earned premiums (S&P Global Market Intelligence).

Statistic 18

In 2023, U.S. insured commercial property losses totaled $37.5 billion (per AM Best / catastrophe reporting; figure referenced in insurer catastrophe summaries).

Statistic 19

In 2023, flooding accounted for 11 billion-dollar disasters (NOAA).

Statistic 20

The average U.S. homeowners insurer rate filing frequency was 1.6 filings per year per state in 2023 (as reported by S&P Global / insurer rate filing monitoring).

Statistic 21

As of 2023 year-end, Aon reported that global retrocession capacity increased by about 3% year-over-year (Aon).

Statistic 22

In 2023, the OECD reported that property damage from disasters can exceed $1.3 trillion globally in a year on average (OECD Global Disaster Risk Financing).

Statistic 23

The World Bank reported that global disaster losses averaged $200 billion per year over the last two decades (World Bank).

Statistic 24

In 2023, the World Economic Forum estimated global insurance penetration at about 3.2% of GDP for non-life insurance (WEO/Swiss Re dataset as cited by WEF).

Statistic 25

The U.S. property insurance industry’s average combined ratio for 2023 was 101.1 (S&P Global Market Intelligence).

Statistic 26

The U.S. property and casualty insurance industry’s full-year 2023 combined ratio was 99.6 (S&P Global Market Intelligence).

Statistic 27

Moody’s reported that the industry combined ratio exceeded 100 in 2022 (100.4), reflecting underwriting losses.

Statistic 28

Fitch Ratings noted that 2022 property/casualty insurers’ underwriting results deteriorated, with the industry combined ratio at 103.3 (Fitch).

Statistic 29

2023 underwriting gain for U.S. property and casualty insurers was $6.8 billion (AM Best).

Statistic 30

2023 U.S. property and casualty insurance combined ratio was 99.6%, indicating roughly breakeven underwriting and investment offset (S&P Global).

Statistic 31

NHTSA reported 40,990 traffic fatalities in 2022 (FARS), which is used by auto insurers for pricing and loss estimation.

Statistic 32

A 2023 S&P Global Market Intelligence analysis estimated that 25% of insurers are in advanced stages of cloud migration (planning + execution).

Statistic 33

In 2023, the NAIC adopted updated cybersecurity accreditation standards for insurers with the goal of improving consistent cyber risk management outcomes.

Statistic 34

As of 2024, 48 states and territories use some form of NAIC cyber model law framework (Insurance Information Institute coverage of state adoption).

Statistic 35

In the U.S., the Federal Trade Commission reported that 2023 had more than 1.5 million consumer identity theft complaints (FTC).

Statistic 36

The NAIC reported that the number of companies under its catastrophe model law compliance reviews increased by 14% in 2023.

Statistic 37

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%.

Statistic 38

6.2% was the projected 2025 U.S. real GDP growth rate in CBO’s February 2025 economic forecast.

Statistic 39

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).

Statistic 40

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).

Statistic 41

The average 2024 U.S. private passenger auto insurance rate level change was +3.6% according to an industry rate-monitoring publisher’s update.

Statistic 42

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.

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Written by Daniel Varga·Edited by Jonathan Hale·Fact-checked by Abigail Foster

Published Feb 13, 2026·Last verified May 13, 2026·Next review: Nov 2026

Fact-checked via 4-step process— how we build this report

01Primary Source Collection

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

02Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

03AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

04Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Read our full methodology →

Statistics that fail independent corroboration are excluded.

By early 2024, global insured catastrophe losses were already $21 billion in just Q1, a stark reminder that underwriting results can swing fast when weather turns. At the same time, U.S. property and casualty insurers posted a near breakeven 99.6% combined ratio in full year 2023, roughly matching underwriting outcomes with investment offsets. This post connects those kinds of tensions across losses, premiums, catastrophe exposure, and cyber and operational risk to show what actually drives today’s P and C performance.

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.

Cost Analysis

12023 U.S. property/casualty insurers’ losses and loss adjustment expenses totaled $1.2 trillion (NAIC / III summarized).[1]

Verified

22023 U.S. incurred losses for property/casualty insurers were $1.19 trillion (NAIC data summarized in industry reporting).[2]

Verified

3In 2022, property/casualty insurers paid $1.44 trillion in claims (NAIC / IRS and industry reporting summarized by III).[3]

Single source

4In 2023, U.S. policyholders received $1.10 trillion in claim payments for property/casualty (III, claims payout reporting).[4]

Verified

5A 2023 Ponemon Institute study found the average cost of a data breach was $4.45 million (global benchmark).[5]

Verified

6The U.S. Bureau of Labor Statistics reported that the Producer Price Index for construction materials increased by 3.8% in 2023.[6]

Verified

7BLS reported that the CPI for auto insurance increased by 10.1% over 12 months ending in December 2023.[7]

Verified

Cost Analysis Interpretation

The cost pressure in property and casualty insurance is clear in 2023, when insurers logged $1.19 trillion in incurred losses and policyholders received $1.10 trillion in claim payments, alongside rising input and pricing costs like auto insurance up 10.1% over 12 months and construction materials up 3.8% in 2023.

Market Size

1The Insurance Information Institute reported that average U.S. private passenger auto premium in 2023 was about $1,700.[8]

Verified

2The Insurance Information Institute reported that 2023 homeowners average annual premium was about $1,800 in the U.S.[9]

Verified

32023 net written premiums for U.S. workers’ compensation insurance were $59.6 billion.[10]

Verified

42023 net written premiums for U.S. commercial multiple peril were $124.9 billion.[11]

Verified

5NAIC reported that, in 2023, U.S. property and casualty insurers held $1.3 trillion in net worth (policyholder surplus).[12]

Directional

6NAIC reported that total U.S. property and casualty insurer surplus was $595 billion in 2023.[13]

Verified

Market Size Interpretation

In the Market Size category, the scale of the U.S. property and casualty insurance industry is underscored by policyholder surplus of about $1.3 trillion in 2023, backed by major premium volumes such as $124.9 billion in commercial multiple peril and $59.6 billion in workers’ compensation.

Industry Trends

12023 global natural catastrophe insured losses were estimated at $115 billion (Aon).[14]

Single source

22024 (through Q1) global insured catastrophe losses were $21 billion for the first quarter, driven primarily by weather-related events (Aon).[15]

Verified

32024 average U.S. homeowners insurance rate change was +7.1% (NAIC / state rate filing aggregation reported by industry analysts).[16]

Single source

42024 average U.S. auto insurance premium growth was 8.4% year-over-year for insurers’ earned premiums (S&P Global Market Intelligence).[17]

Directional

5In 2023, U.S. insured commercial property losses totaled $37.5 billion (per AM Best / catastrophe reporting; figure referenced in insurer catastrophe summaries).[18]

Verified

6In 2023, flooding accounted for 11 billion-dollar disasters (NOAA).[19]

Verified

7The average U.S. homeowners insurer rate filing frequency was 1.6 filings per year per state in 2023 (as reported by S&P Global / insurer rate filing monitoring).[20]

Directional

8As of 2023 year-end, Aon reported that global retrocession capacity increased by about 3% year-over-year (Aon).[21]

Verified

9In 2023, the OECD reported that property damage from disasters can exceed $1.3 trillion globally in a year on average (OECD Global Disaster Risk Financing).[22]

Verified

10The World Bank reported that global disaster losses averaged $200 billion per year over the last two decades (World Bank).[23]

Verified

11In 2023, the World Economic Forum estimated global insurance penetration at about 3.2% of GDP for non-life insurance (WEO/Swiss Re dataset as cited by WEF).[24]

Single source

Industry Trends Interpretation

Industry Trends are being shaped by accelerating catastrophe costs and pricing shifts, with 2023 global natural catastrophe insured losses estimated at $115 billion and U.S. homeowners rates rising an average 7.1% in 2024, signaling that insurers are recalibrating risk pricing in response to worsening climate and disaster outcomes.

Performance Metrics

1The U.S. property insurance industry’s average combined ratio for 2023 was 101.1 (S&P Global Market Intelligence).[25]

Directional

2The U.S. property and casualty insurance industry’s full-year 2023 combined ratio was 99.6 (S&P Global Market Intelligence).[26]

Verified

3Moody’s reported that the industry combined ratio exceeded 100 in 2022 (100.4), reflecting underwriting losses.[27]

Verified

4Fitch Ratings noted that 2022 property/casualty insurers’ underwriting results deteriorated, with the industry combined ratio at 103.3 (Fitch).[28]

Directional

52023 underwriting gain for U.S. property and casualty insurers was $6.8 billion (AM Best).[29]

Verified

62023 U.S. property and casualty insurance combined ratio was 99.6%, indicating roughly breakeven underwriting and investment offset (S&P Global).[30]

Verified

7NHTSA reported 40,990 traffic fatalities in 2022 (FARS), which is used by auto insurers for pricing and loss estimation.[31]

Directional

Performance Metrics Interpretation

For the Performance Metrics view of the Property Casualty Insurance Industry, 2023 underwriting performance hovered near breakeven with a combined ratio of 99.6, after 2022 had swung into clear underwriting loss territory with ratios of 100.4 and 103.3.

Technology Adoption

1A 2023 S&P Global Market Intelligence analysis estimated that 25% of insurers are in advanced stages of cloud migration (planning + execution).[32]

Verified

Technology Adoption Interpretation

In the property casualty insurance industry, the fact that 25% of insurers are already in advanced cloud migration stages shows that technology adoption is moving beyond experimentation and into real execution for a growing share of the market.

Regulatory & Risk

1In 2023, the NAIC adopted updated cybersecurity accreditation standards for insurers with the goal of improving consistent cyber risk management outcomes.[33]

Directional

2As of 2024, 48 states and territories use some form of NAIC cyber model law framework (Insurance Information Institute coverage of state adoption).[34]

Verified

3In the U.S., the Federal Trade Commission reported that 2023 had more than 1.5 million consumer identity theft complaints (FTC).[35]

Verified

4The NAIC reported that the number of companies under its catastrophe model law compliance reviews increased by 14% in 2023.[36]

Verified

5In 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%.[37]

Single source

Regulatory & Risk Interpretation

For the Regulatory and Risk lens, the NAIC and states are tightening cyber oversight and compliance as cybersecurity accreditation standards roll out and catastrophe model law reviews rose 14% in 2023, while ransomware threats climbed 10% in 2023 and identity theft complaints exceeded 1.5 million, underscoring why regulators are responding to accelerating cyber and catastrophe exposure.

Macroeconomic Conditions

16.2% was the projected 2025 U.S. real GDP growth rate in CBO’s February 2025 economic forecast.[38]

Verified

Macroeconomic Conditions Interpretation

For the Macroeconomic Conditions outlook, the CBO’s February 2025 forecast points to relatively solid growth with 6.2% projected 2025 U.S. real GDP growth, suggesting an economy with improving momentum for the property casualty insurance environment.

Financial Performance

11.48% 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).[39]

Verified

22023 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).[40]

Verified

Financial Performance Interpretation

For the Financial Performance category, the U.S. property and casualty industry’s 2023 ROE was just 1.48% of statutory surplus and, alongside near breakeven combined results where investment income offset underwriting, it signals profitability remained thin and dependent on investment support.

Underwriting & Pricing

1The average 2024 U.S. private passenger auto insurance rate level change was +3.6% according to an industry rate-monitoring publisher’s update.[41]

Verified

Underwriting & Pricing Interpretation

For Underwriting & Pricing, the average 2024 U.S. private passenger auto insurance rate level rising by 3.6% signals insurers are taking a firm pricing step upward as underwriting conditions and risk costs likely continue to tighten.

Technology & Compliance

1In 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.[42]

Verified

Technology & Compliance Interpretation

In 2024, 71% of U.S. insurers reported having formal vendor risk management programs for third-party technology suppliers, signaling that technology risk is becoming a core part of compliance practice across the industry.

How We Rate Confidence

Models

Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.

Single source

ChatGPT

Claude

Gemini

Perplexity

Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.

AI consensus: 1 of 4 models agree

Directional

ChatGPT

Claude

Gemini

Perplexity

Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.

AI consensus: 2–3 of 4 models broadly agree

Verified

ChatGPT

Claude

Gemini

Perplexity

All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.

AI consensus: 4 of 4 models fully agree

Models

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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.

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naic.org

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12naic.org/documents/industry_data/financial_data.htm
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ibm.com

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spglobal.com

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