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US P&C insurers post $31.7B underwriting gains in first half of 2026
Underwriting gains rose despite slowing net written premium growth to 2.1%, as insurers saw surplus climb to $1.3 trillion and an improved combined ratio of 92.7.
US property and casualty insurers generated $31.7 billion in underwriting gains through the first half of 2026, up from $11.6 billion through midyear 2025, according to data cited by Verisk and the American Property Casualty Insurance Association.
Reinsurance News reports that net written premium growth slowed to 2.1% as rate increases moderated, while policyholders’ surplus rose to $1.3 trillion, supporting insurers’ capacity to absorb future catastrophe losses. It also said profitability was aided by higher investment income, but catastrophe exposure remains elevated.
The outlet added that the industry’s first-half performance was supported by an improved combined ratio of 92.7 and a 4.8% decline in incurred losses. Still, property lines were described as softening while casualty lines continued to face pressure, with catastrophe risk and rising rebuilding costs and claim severity continuing to affect affordability for commercial entities and property owners.
Verisk Underwriting Solutions president Saurabh Khemka said first-half results should not be mistaken as proof that underlying risk has diminished, emphasizing the need for more granular risk evaluation as exposure and claim severity evolve. The story also cited Verisk’s Global Modeled Catastrophe Losses report, which estimates average annual insured catastrophe losses globally at about $171 billion, with the US accounting for roughly $117 billion, or about two-thirds of the total.