The US property and casualty insurance industry has reported an underwriting loss of over $20 billion for the second consecutive year, mainly due to poor performance in personal auto and home insurance lines. According to a financial review by AM Best, the homeowners/farmowners and private passenger auto insurance segments accounted for an underwriting loss of $32.8 billion in 2023, although this is an improvement from the $40 billion loss in 2022. Weather-related events, higher repair costs, and medical costs have contributed to the losses, with the industry facing challenges in absorbing multiple events in a short period. Commercial lines saw an underwriting income of $10.3 billion, but this was nearly 30% lower than in 2022.
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