According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year.
These preliminary results are detailed in a recent report released by Best.
From what we understand, 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.
