The US property/casualty insurance industry suffered a significant underwriting loss of $21.7 billion in 2023, according to a report by AM Best. This marks the third consecutive year of underwriting losses, largely driven by unprofitable private passenger auto and homeowners/farm owners market segments. Severe convective storms, including a record year for such losses, contributed to the downturn in homeowners/farm owners results. Meanwhile, commercial lines and workers’ compensation segments produced underwriting gains.
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