Insurtechs and Traditional Insurers Experience Strong Q1 Growth

In Q1 2024, the P&C insurance industry saw impressive stock performance, with notable gains among insurtechs demonstrating high-quality growth. The Equal Ventures Insurance Index, a quarterly summary of public equity performance, highlights these key trends and themes in valuations.

Q1 was strong for the P&C insurance industry, with all indices outperforming the broader market. Insurtechs, particularly carriers like ROOT, showed exceptional growth. ROOT’s stock surged by 483%, driven by improved combined ratios and significant increases in gross written premiums. Traditional carriers also performed well, benefitting from higher rates and lower losses, with PGR reporting a combined ratio of 86.1 in Q1.

The brokerage and distribution sectors, while less dynamic, still outperformed the market. Brokers like GSHD and RYAN reported strong growth in written premiums and organic revenue, reflecting the overall strength in P&C insurance.