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US property and casualty insurers log $31.7B underwriting gain in H1 2026
The industry’s net written premium growth slowed to 2.1% in the first half of 2026, while policyholders’ surplus rose to $1.3 trillion.
US property and casualty insurers posted an estimated net underwriting gain of $31.7 billion in the first half of 2026, up from $11.6 billion in the same period of 2025, according to a report from Verisk and the American Property Casualty Insurance Association (APCIA). The organizations linked the improvement to stronger underwriting results even as premium growth cooled.
Net written premium growth slowed to 2.1% in the first half of 2026, compared with 5.2% in the first half of 2025 and a peak of 10.8% in the first half of 2024. Net earned premiums rose 3.3%, down from 7.3% growth a year earlier, while property lines softened and casualty lines remained under pressure, with early signs that the hard casualty market may be cooling.
Policyholders’ surplus increased to $1.3 trillion in the first half of 2026, rising from $1.13 trillion at midyear 2025, which the report said strengthens insurers’ ability to absorb future catastrophe losses. The industry’s incurred losses and loss adjustment expenses fell 4.8% in the first half of 2026, compared with a 5.1% increase in the first half of 2025.
Saurabh Khemka, president of Verisk Underwriting Solutions, said the results should not be read as a sign that underlying risk has eased, pointing instead to growing value from more precise underwriting as property market conditions soften. He added that increased market segmentation may help insurers benefit from deeper understanding of exposures, claims behavior, and portfolio performance as pricing becomes more competitive.