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US property and casualty underwriting gain rises to $31.7B in H1 2026
Net underwriting gain jumped to $31.7 billion, while net written premium growth slowed to 2.1% as catastrophe exposure stayed elevated, according to Verisk and APCIA.
The U.S. property and casualty insurance industry generated a net underwriting gain of $31.7 billion in the first half of 2026, up from $11.6 billion in the prior year period, Verisk and the American Property Casualty Insurance Association reported.
Industry premium growth moderated, with net written premium rising 2.1% compared with 5.2% a year earlier, signaling a shift toward more tempered rate increases. Verisk and APCIA said property insurance softened during H1 even as some casualty lines, including excess liability, umbrella liability, and commercial auto, remained under pressure from higher claim severity.
The groups also noted that net income after taxes increased 53% to $77.8 billion for the first half of 2026, supported by investment gains. They warned that catastrophe exposure remains elevated.
Policyholders’ surplus grew to $1.30 trillion, up from $1.13 trillion at midyear 2025. In states with legal system abuse reforms, including Florida, Georgia, and Louisiana, APCIA said policyholders have begun to see reductions in auto and homeowners insurance rates that are expected to deliver hundreds of millions of dollars in premium relief, even as results vary widely by state.