The U.S. property/casualty industry reversed $1 billion in underwriting losses in the first quarter of 2025 to post gains of $16.3 billion in the same period this year.
according to a Report from industry rating company AM BestNet profit doubled to $41.8 billion, compared with $20.1 billion in the first quarter of 2025.
The industry’s combined ratio improved to 92 in the first quarter from 99 a year ago.
Excluding favorable reserve development of approximately $10.9 billion during the quarter, the combined ratio for the first quarter of 2026 was 96.6.
Catastrophe losses in the property and casualty insurance industry fell sharply to about $10 billion in the first three months of 2026, compared with $33.3 billion a year ago, largely due to losses from California wildfires.
Net written premiums increased 2.9% to nearly $251 billion.
AM Best reports that industry surplus increased 2.2% compared with the end of 2025 to $1.3 trillion.
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Loss of profits in U.S. insured property damage market
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