2018 US Property and Casualty Premiums Hit $600B
Property and casualty net premiums reached $600.3 billion in the US last year, an increase of 11.1% over 2017, according to a report by AM Best Company.
Private passenger auto liability accounted for the largest premium amount by line of business, at $141.7 billion, followed by auto physical damage, at $103.7 billion. Allied lines increased to $16.5 billion, up from $14.1 billion in 2017, and fire reached $11.1 billion, up from $10.1 billion.
The industry’s net underwriting income also improved by 10.1%, to $581.4 billion.
The report included information on the current financial state of the US property and casualty industry. Data was compiled from companies whose annual statutory statements were received by AM Best as of March 11, 2019. These companies accounted for about 96% of total industry net premiums written.
AM Best suggested that fewer severe weather events in 2018 contributed to the positive results, along with an $8.4 billion increase in net investment income across the industry.