U.S. Property/Casualty Insurance Industry Posts $35B Underwriting Gain in First Nine Months of 2025

The U.S. property/casualty (P/C) insurance industry reported a significant net underwriting gain of $35 billion in the first nine months of 2025, a sharp increase from almost $4 billion during the same period in 2024. This financial improvement was largely driven by lower catastrophe losses in the third quarter coupled with continued growth in premiums. Net premiums rose by 7% compared to the prior year, while losses and loss adjustment expenses remained largely stable. The industry's combined ratio showed a four-point improvement to 94.0, reflecting enhanced underwriting profitability. Catastrophe losses contributed an estimated 8.0 points to the combined ratio for the nine-month period but were reduced compared to previous levels, supporting better overall industry performance.