Improved underwriting and investment income boost profits despite storm losses
The US property and casualty (P&C) insurance industry is on pace for increased profits in 2024, supported by improved underwriting and investment results in the first half of the year, according to insights from Swiss Re.
The industry’s combined ratio for year-to-date 2024 stands at 98%, marking a seven-percentage-point (ppt) improvement from the same period in 2023. This improvement is largely driven by an 11 ppt reduction in the personal lines loss ratio, despite the pressure of severe convective storm activity on the homeowne