Net written premium up 8.5%, underwriting profit $4.1B in Q3

Net premiums written rose 8.5% to $691.2 billion for the first nine months of 2024 as the U.S. property/casualty industry netted a $4.1 billion underwriting profit, compared with an underwriting loss of $32.1 billion in the first nine months of 2023, according to a report Wednesday from A.M. Best Co.

Net income for the period doubled to $130 billion from $64.4 billion in 2023. Net investment income increased 22.1% to $60.5 billion.

The industry’s combined ratio improved to 97.9% for the first nine months compared with 103.7% for the same period last year. Best estimates that catastrophe losses accounted for 8.8 points on the nine-month 2024 combined ratio, down from an estimated 10.0 points in the prior year.

The industry surplus increased 6.2% to $1.017 trillion.

The data in the report is from companies whose nine-month 2024 interim period statutory statements were received as of Nov. 25, 2024. These companies account for an estimated 98% of total industry net premiums written and 96% of policyholder surplus, according to Best.