U.S. P&C Insurers Report Strong H1 2026 Underwriting Gains Amid Persistent Risks
Event summary
- U.S. P&C insurers posted a net underwriting gain of $31.7 billion in H1 2026, up from $11.6 billion in H1 2025.
- Net written premium growth slowed to 2.1% in H1 2026, down from 5.2% in H1 2025.
- Policyholders' surplus increased to $1.3 trillion, up from $1.13 trillion at midyear 2025.
- The industry's combined ratio improved to 92.7, compared with 96.5 a year earlier.
- Verisk's 2026 Global Modeled Catastrophe Losses Report indicates $171 billion in average annual insured catastrophe losses globally, with the U.S. accounting for $117 billion.
The big picture
The U.S. P&C insurance industry's strong H1 2026 underwriting performance reflects a temporary reprieve from catastrophe losses, but persistent challenges in property and casualty lines highlight the need for granular risk evaluation. The industry's ability to absorb future shocks is bolstered by a growing policyholders' surplus, yet the scale of modeled catastrophe losses underscores the long-term risks facing insurers. Competitive market conditions and affordability concerns for policyholders add further complexity to the strategic landscape.
What we're watching
- Market Segmentation
- How insurers will leverage precision analytics to navigate softening property markets and competitive pricing.
- Catastrophe Exposure
- The pace at which elevated natural catastrophe risks will impact long-term underwriting results.
- Regulatory Reforms
- Whether state-level legal system abuse reforms will sustain premium relief in high-risk regions like Florida and Louisiana.