Property/casualty (P/C) insurer cash and invested assets were $1.9 trillion in 2019. In 2019 P/C insurers invested 27 percent of their assets in stocks, a highly liquid investment, and 57 percent in bonds.
($ millions, end of year)
Property/casualty insurers invest primarily in safe, liquid securities, mainly bonds. These provide stability against underwriting results, which can vary considerably from year to year. The vast majority of bonds are government issued or are high-grade corporates. Bonds in or near default accounted for less than 1 percent (0.12 percent) of all short- and long-term bonds owned by insurers at the end of 2018, according to S&P Global Market Intelligence.