The U.S. property/casualty market sustained an estimated $21.1 billion in underwriting losses in 2023, highlighting the challenges the industry faces as a result of natural catastrophes and inflation.
According to joint analysis by global data analytics and technology provider Verisk and The American Property Casualty Insurance Association (APCIA), 2023 followed similar trends in underwriting losses to those seen in 2022.
Underwriting losses in 2022 totaled $24.8 billion.
Net income is at the lowest level s