Property/casualty annual direct premiums top $1 trillion for first time

U.S.-domiciled property/casualty insurers last year topped $1 trillion in annual direct premiums written for the first time ever, according to a report released Wednesday by S&P Global Market Intelligence.

Aggregated direct premiums totaled $1.05 trillion, up 8% from 2023, according to the analysis of annual regulatory statements.

Direct premiums for commercial business lines grew 4% to $502.35 billion.

Four reported liability lines — product liability, medical professional liability, commercial multi-peril liability and “other” liability — combined for $162.70 billion in direct premiums in 2024.

Three commercial property lines — allied lines, fire and commercial multi-peril, non-liability — totaled $103.97 billion in direct premiums.

Commercial auto direct premiums rose 10.2% to  $70.94 billion. Workers compensation direct premiums declined 5.3% to $55.42 billion.

Property/casualty insurers’ direct premiums in accident and health lines were virtually flat at $8.63 billion, compared with $8.46 billion in 2023.

Direct premiums for personal lines of business — homeowners, farmowners and private auto — totaled $534.92 billion,  compared with $477.04 billion in 2023.