Storm Losses Dent P&C Sector Profits, Optimism Brews for 2025 Revival

Severe convective storm losses—the highest in decades—significantly affected the 2023 net combined ratio for the property/casualty industry, according to the latest underwriting projections by Triple-I and Milliman actuaries.

The 2023 net combined ratio is now forecast to be 103.8, with hard markets continuing the net written premium growth, forecast at 8.3 percent. Combined ratio is a standard measure of underwriting profitability, in which a result below 100 represents a profit and one above 100 represents a loss.

The quarterly report, Insurance Economics and Underwriting Objections: A Forward View, was presented on November 2 at a members only webinar moderated by Triple-I CEO Sean Kevelighan.