Insurance Information Institute announces best property/casualty underwriting result since 2013

The Insurance Information Institute has announced that the U.S. property/casualty insurance industry achieved a net combined ratio of 96.6 in 2024, marking its best underwriting result since 2013. This announcement was made through a press release.

According to the Insurance Information Institute (Triple-I), the U.S. property/casualty (P/C) insurance industry posted a net combined ratio (NCR) of 96.6 in 2024, representing a 5.1-point improvement year-over-year and the industry's strongest underwriting performance since 2013. This data was published in the latest report, "Insurance Economics and Underwriting Projections: A Forward View," developed in collaboration with Milliman. However, the report cautions that emerging economic pressures and the impact of the January 2025 California wildfires may weigh heavily on industry performance this year.

The Triple-I report noted that personal lines closed the profitability gap with commercial lines in 2024, with both segments posting NCRs under 100. Personal auto reported an NCR of 95.3, reflecting a 9.6-point year-over-year improvement, supported by strong net written premium growth of 14.4% in 2023 and 12.8% in 2024. Homeowners insurance also posted gains, achieving a 99.7 NCR—the first sub-100 result for the line since 2019—with net written premium growth of 13.6%, the highest rate in over 15 years.

The report from Triple-I highlighted general liability as a key drag on industry profitability, with a 2024 NCR of 110 driven by significant adverse prior year development (PYD). According to Milliman’s Jason B. Kurtz, general liability experienced over $9 billion in reserve strengthening—its worst performance since 2016 and the third worst since 2010. This trend extended into other commercial lines, raising concerns that even years with substantial rate increases, such as from 2020 through to 2023, are showing signs of reserve deficiencies.

The Insurance Information Institute (Triple-I), founded in 1960, delivers trusted, data-driven insights to inform consumers, industry professionals, and policymakers about insurance and risk. An affiliate of The Institutes, Triple-I represents nearly half of the U.S. property/casualty insurance market across mutual, stock, personal, and commercial lines. The organization works to enhance public understanding of the role of insurance and supports resilience through research, education, and industry collaboration.