U.S. property/casualty insurance posts strongest underwriting results since 2013 with improved combined ratios and premium growth; 2025 outlook tempered by wildfire losses and tariff impacts on costs.

U.S. inflation eases to a four-year low in April, reflecting early tariff impacts and varied sector price movements. Persistent inflation pressures and tariff-related costs influence economic and insurance market trends.

Chubb's Q1 2025 earnings declined due to $1.64B in catastrophe losses from California wildfires. However, underwriting income rose excluding catastrophes with premium growth across P&C and life segments.