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Property/Casualty Insurance Industry Income Analysis, 2020-2024

($ billions)
2020 2021 2022 2023 2024
Net premiums written $655.8 $715.7 $778.2 $857.9 $918.6
     Percent change 2.5% 9.1% 8.7% 10.2% 7.1%
Premiums earned $643.0 $689.8 $748.7 $821.7 $888.5
Losses and loss adjustment expenses incurred 451.0 500.7 569.8 627.5 631.7
Other underwriting expenses 179.4 188.6 199.8 213.9 230.9
Policyholder dividends 7.7 4.6 3.3 3.6 4.2
Net underwriting gain/loss 12.1 -0.4 -22.4 -20.3 26.2
Net investment income 53.5 56.1 71.5 72.7 86.7
Miscellaneous income/loss -1.9 0.1 -1.5 -2.8 -2.9
Operating income 59.3 54.6 47.9 49.9 110.1
Realized capital gain 10.7 17.5 -3.9 48.1 79.3
Federal income tax 8.7 9.1 6.1 11.0 19.6
Net income after taxes 61.3 63.0 37.9 87.0 169.8

Source: NAIC data, sourced from S&P Global Market Intelligence: Income Statement; Insurance Information Institute.

Property/Casualty Insurance Industry Income Analysis, 2019-2023

($ billions)
  2019 2020 2021 2022 2023
Net premiums written  $639.9 $655.8 $715.7 $778.2 $857.8
     Percent change 3.5% 2.5% 9.1% 8.7% 10.2%
Premiums earned  $627.7 $643.0 $689.8 $748.7 $821.5
Losses and loss adjustment expenses incurred 446.0 451.0 500.7 569.8 627.4
Other underwriting expenses 172.6 179.4 188.6 199.8 213.9
Policyholder dividends 4.9 7.7 4.6 3.3 3.6
Net underwriting gain/loss 7.9 12.1 -0.4 -22.4 -20.2
Net investment income 56.5 53.5 56.1 71.5 72.6
Miscellaneous income/loss -2.5 -1.9 0.1 -1.5 -2.8
Operating income 60.9 59.3 54.6 47.9 49.9
Realized capital gain 11.0 10.7 17.5 -3.9 48.2
Federal income tax 8.5 8.7 9.1 6.1 11.0
Net income after taxes 63.4 61.3 63.0 37.9 87.1

Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.

Property/Casualty Insurance Industry Income Analysis, 2018-2022

($ billions)
  2018 2019 2020 2021 2022
Net premiums written  $618.3 $639.9 $655.8 $715.7 $775.1
     Percent change 10.7% 3.5% 2.5% 9.1% 8.3%
Premiums earned  $599.8 $627.7 $643.0 $689.8 $745.8
Losses and loss adjustment expenses incurred 428.2 446.0 451.0 500.6 567.6
Other underwriting expenses 167.6 172.6 179.4 188.5 199.0
Policyholder dividends 3.7 4.9 7.7 4.6 3.2
Net underwriting gain/loss 3.1 7.9 12.1 -0.3 -22.4
Net investment income 57.0 56.5 53.5 56.1 71.3
Miscellaneous income/loss -2.4 -2.5 -1.9 0.1 -1.6
Operating income 57.7 60.9 59.3 54.7 47.8
Realized capital gain 10.7 11.0 10.7 17.5 -3.5
Federal income tax 7.3 8.5 8.7 9.1 6.1
Net income after taxes 61.1 63.4 61.3 63.2 38.2

Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.

Property/Casualty Insurance Industry Income Analysis, 2017-2021

($ billions)
  2017 2018 2019 2020 2021
Net premiums written  $558.4 $618.3 $639.5 $655.5 $715.4
     Percent change 4.6% 10.7% 3.4% 2.5% 9.1%
Premiums earned  $546.4 $599.7 $627.3 $642.7 $690.2
Losses and loss adjustment expenses incurred 414.7 428.3 445.6 450.8 500.6
Other underwriting expenses 151.1 167.7 172.5 179.3 188.8
Policyholder dividends 3.3 3.7 4.9 7.7 4.6
Net underwriting gain/loss -20.8 2.6 7.8 11.9 -0.4
Net investment income 49.7 57.0 56.3 53.4 56.0
Miscellaneous income/loss -9.0 -2.4 -2.5 -1.9 0.5
Operating income 20.2 57.3 60.5 59.0 54.6
Realized capital gain 19.6 10.7 11.0 10.4 17.9
Federal income tax -0.8 7.2 8.5 8.7 9.1
Net income after taxes 40.6 60.8 63.1 60.7 63.4

Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.

Property/Casualty Insurance Industry Income Analysis, 2016-2020

($ billions)
  2016 2017 2018 2019 2020
Net premiums written  $534.0 $558.4 $618.3 $639.5 $655.5
     Percent change 2.6% 4.6% 10.7% 3.4% 2.5%
Premiums earned  $529.2 $546.4 $599.7 $627.3 $642.7
Losses and loss adjustment expenses incurred 382.5 414.7 428.3 445.6 450.8
Other underwriting expenses 148.0 151.1 167.7 172.5 179.3
Policyholder dividends 2.9 3.3 3.7 4.9 7.7
Net underwriting gain/loss -2.4 -20.8 2.6 7.8 11.9
Net investment income 47.5 49.7 57.0 56.3 53.4
Miscellaneous income/loss -2.4 -9.0 -2.4 -2.5 -1.9
Operating income 43.1 20.2 57.3 60.5 59.0
Realized capital gain 8.5 19.6 10.7 11.0 10.4
Federal income tax 7.3 -0.8 7.2 8.5 8.7
Net income after taxes 44.3 40.6 60.8 63.1 60.7

Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.

Property/Casualty Insurance Industry Income Analysis, 2015-2019 (1)

($ billions)
  2015 2016 2017 2018 2019
Net premiums written  $514.4 $528.3 $552.6 $612.2 $634.0
     Percent change 3.5% 2.7% 4.6% 10.8% 3.6%
Premiums earned  $506.0 $523.5 $540.6 $593.6 $621.9
Losses incurred 290.7 317.9 347.6 360.7 374.0
Loss adjustment expenses incurred 59.6 60.3 62.7 63.3 68.1
Other underwriting expenses 144.3 147.6 151.0 166.9 172.3
Policyholder dividends 2.5 2.3 2.6 3.0 3.8
Net underwriting gain/loss 8.9 -4.7 -23.3 -0.2 3.7
Net investment income 47.2 46.6 48.9 55.3 54.4
Miscellaneous income/loss 1.5 1.1 -5.2 1.4 1.4
Operating income 57.7 43.0 20.3 56.6 59.5
Realized capital gain 9.4 7.3 15.1 10.3 10.4
Federal and foreign income tax 10.2 7.4 -0.6 7.3 8.5
Net income after taxes 56.8 42.9 36.1 59.6 61.4

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® business.

Property/Casualty Insurance Industry Income Analysis, 2014-2018 (1)

($ billions)
  2014 2015 2016 2017 2018
Net premiums written  $497.0 $514.4 $528.3 $552.6 $612.6
     Percent change 4.2% 3.5% 2.7% 4.6% 10.8%
Premiums earned  $487.9 $506.0 $523.5 $540.6 $594.1
Losses incurred 277.7 290.7 317.9 347.6 360.9
Loss adjustment expenses incurred 57.3 59.6 60.3 62.7 63.3
Other underwriting expenses 138.3 144.3 147.6 151.0 167.0
Policyholder dividends 2.4 2.5 2.3 2.6 3.0
Net underwriting gain/loss 12.2 8.9 -4.7 -23.3 -0.1
Net investment income 46.4 47.2 46.6 48.9 55.3
Miscellaneous income/loss -2.7 1.5 1.1 -5.2 1.4
Operating income 55.9 57.7 43.0 20.3 56.6
Realized capital gain 10.3 9.4 7.3 15.1 10.4
Federal and foreign income tax 10.3 10.2 7.4 -0.6 7.0
Net income after taxes 55.9 56.8 42.9 36.1 60.0

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® business.

Property/Casualty Insurance Industry Income Analysis, 2013-2017 (1)

($ billions)
  2013 2014 2015 2016 2017
Net premiums written  $477.0 $497.0 $514.4 $528.3 $552.6
     Percent change 4.4% 4.2% 3.5% 2.7% 4.6%
Premiums earned  $467.4 $487.9 $506.0 $523.5 $540.6
Losses incurred 259.4 277.7 290.7 317.9 347.5
Loss adjustment expenses incurred 55.6 57.3 59.6 60.3 62.7
Other underwriting expenses 134.6 138.3 144.3 147.6 151.1
Policyholder dividends 2.5 2.4 2.5 2.3 2.6
Net underwriting gain/loss 15.2 12.2 8.9 -4.7 -23.2
Net investment income 47.3 46.4 47.2 46.6 49.0
Miscellaneous income/loss 1.5 -2.7 1.5 1.1 -5.4
Operating income 64.1 55.9 57.7 43.0 20.3
Realized capital gain 11.4 10.3 9.4 7.3 15.1
Federal and foreign income tax 12.0 10.3 10.2 7.4 -0.7
Net income after taxes 63.4 55.9 56.8 42.9 36.1

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® business.

Property/Casualty Insurance Industry Income Analysis, 2012-2016 (1)

($ billions)
  2012 2013 2014 2015 2016
Net premiums written $456.7 $477.0 $497.0 $514.4 $528.2
     Percent change 4.3% 4.4% 4.2% 3.5% 2.7%
Premiums earned  $448.9 $467.4 $487.9 $506.0 $523.5
Losses incurred 277.7 259.4 277.7 290.7 318.0
Loss adjustment expenses incurred 55.5 55.6 57.3 59.6 60.3
Other underwriting expenses 128.9 134.6 138.3 144.3 147.6
Policyholder dividends 2.1 2.5 2.4 2.5 2.3
Net underwriting gain/loss -15.4 15.2 12.2 8.9 -4.7
Net investment income 48.0 47.3 46.4 47.2 46.3
Miscellaneous income/loss 2.4 1.5 -2.7 1.5 1.0
Operating income 35.0 64.1 55.9 57.7 42.6
Realized capital gain 6.2 11.4 10.3 9.4 7.3
Federal and foreign income tax 6.1 12.0 10.3 10.2 7.3
Net income after taxes 35.1 63.4 55.9 56.8 42.6

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® business.

Property/Casualty Insurance Industry Income Analysis, 2011-2015 (1)

($ billions)
  2011 2012 2013 2014 2015
Net premiums written  $438.0 $456.7 $477.0 $497.0 $514.0
     Percent change 3.4% 4.3% 4.4% 4.2% 3.4%
Premiums earned  $434.4 $448.9 $467.4 $487.9 $505.8
Losses incurred 290.8 277.7 259.4 277.7 290.6
Loss adjustment expenses incurred 53.8 55.5 55.6 57.3 59.6
Other underwriting expenses 124.2 128.9 134.6 138.3 144.3
Policyholder dividends 1.9 2.1 2.5 2.4 2.5
Net underwriting gain/loss -36.2 -15.4 15.2 12.2 8.7
Net investment income 49.2 48.0 47.3 46.4 47.2
Miscellaneous income/loss 2.5 2.4 1.5 -2.7 1.4
Operating income 15.4 35.0 64.1 55.9 57.3
Realized capital gain 7.0 6.2 11.4 10.3 9.4
Federal and foreign income tax 3.0 6.1 12.0 10.3 10.1
Net income after taxes 19.5 35.1 63.4 55.9 56.6

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® business.

PROPERTY/CASUALTY INSURANCE INDUSTRY INCOME ANALYSIS, 2010-2014 (1)

($ billions)
  2010 2011 2012 2013 2014
Net premiums written $423.8 $438.0 $456.7 $477.0 $496.6
     Percent change 1.3% 3.4% 4.3% 4.4% 4.1%
Premiums earned $422.2 $434.4 $448.9 $467.4 $487.6
Losses incurred 257.7 290.8 277.7 259.4 277.4
Loss adjustment expenses incurred 52.9 53.8 55.5 55.6 57.3
Other underwriting expenses 119.8 124.2 128.9 134.6 138.1
Policyholder dividends 2.3 1.9 2.1 2.5 2.5
Net underwriting gain/loss -10.5 -36.2 -15.4 15.2 12.3
Net investment income 47.6 49.2 48.0 47.3 46.2
Miscellaneous income/loss 1.1 2.5 2.4 1.5 -2.8
Operating income 38.2 15.4 35.0 64.1 55.6
Realized capital gains 5.9 7.0 6.2 11.4 10.1
Federal and foreign income tax 8.8 3.0 6.1 12.0 10.2
Net income after taxes 35.2 19.5 35.1 63.4 55.5

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® business.

PROPERTY/CASUALTY INSURANCE INDUSTRY INCOME ANALYSIS, 2009-2013 (1)

($ billions)
  2009 2010 2011 2012 2013
Net written premiums $418.4 $423.8 $438.0 $456.7 $477.7
     Percent change -3.8% 1.3% 3.4% 4.3% 4.6%
Earned premiums $422.3 $422.2 $434.4 $448.9 $467.9
Losses incurred 253.8 257.7 290.8 277.7 259.3
Loss adjustment expenses incurred 52.5 52.9 53.8 55.5 55.7
Other underwriting expenses 117.0 119.8 124.2 128.9 134.8
Policyholder dividends 2.0 2.3 1.9 2.1 2.5
Underwriting gain/loss -3.0 -10.5 -36.2 -15.4 15.5
Net investment income 47.1 47.6 49.2 48.0 47.4
Miscellaneous income/loss 0.9 1.1 2.5 2.4 1.5
Operating income/loss 45.0 38.2 15.4 35.0 64.3
Realized capital gain/loss -7.9 5.9 7.0 6.2 11.4
Federal and foreign income tax 8.4 8.8 3.0 6.1 12.0
Net income after taxes 28.7 35.2 19.5 35.1 63.8

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO®, a Verisk Analytics® company.

PROPERTY/CASUALTY INSURANCE INDUSTRY INCOME ANALYSIS, 2008-2012 (1)

($ billions)
2008 2009 2010 2011 2012
Net written premiums $434.9 $418.4 $423.8 $438.0 $457.0
     Percent change -1.3% -3.8% 1.3% 3.4% 4.3%
Earned premiums $438.3 $422.3 $422.2 $434.4 $449.4
Losses incurred 286.3 253.8 257.7 290.8 279.4
Loss adjustment expenses incurred 51.7 52.5 52.9 53.8 55.6
Other underwriting expenses 119.6 117.0 119.8 124.2 129.0
Policyholder dividends 2.0 2.0 2.3 1.9 2.1
Underwriting gain/loss -21.2 -3.0 -10.5 -36.2 -16.7
Investment income 51.5 47.1 47.6 49.2 47.7
Miscellaneous income/loss 0.4 0.9 1.1 2.5 2.3
Operating income/loss 30.6 45.0 38.2 15.4 33.3
Realized capital gain/loss -19.8 -7.9 5.9 7.0 6.2
Income taxes/credit 7.8 8.4 8.8 3.0 6.0
Net income after taxes 3.0 28.7 35.2 19.5 33.5

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO, a Verisk Analytics company.

PROPERTY/CASUALTY INSURANCE INDUSTRY INCOME ANALYSIS, 2007-2011 (1)

($ billions)
2007 2008 2009 2010 2011
Net written premiums $440.6 $434.9 $418.4 $423.8 $437.6
     Percent change -0.6% -1.3% -3.8% 1.3% 3.3%
Earned premiums $438.9 $438.3 $422.3 $422.2 $433.9
Losses incurred 244.7 286.3 253.8 257.7 290.8
Loss adjustment expenses incurred 52.3 51.7 52.5 52.9 53.7
Other underwriting expenses 120.1 119.6 117.0 119.8 124.1
Policyholder dividends 2.4 2.0 2.0 2.3 1.8
Underwriting gain/loss 19.3 -21.2 -3.0 -10.5 -36.5
Investment income 55.1 51.5 47.1 47.6 49.0
Miscellaneous income/loss -1.0 0.4 0.9 1.1 2.3
Operating income/loss 73.4 30.6 45.0 38.2 14.8
Realized capital gain/loss 8.9 -19.8 -7.9 5.9 7.2
Income taxes/credit 19.8 7.8 8.4 8.8 2.9
Net income after taxes 62.5 3.0 28.7 35.2 19.1

(1) Data in this chart exclude state funds and other residual market insurers and may not agree with similar data shown elsewhere from different sources.

Source: ISO, a Verisk Analytics company.

PROPERTY/CASUALTY INSURANCE INDUSTRY INCOME ANALYSIS, 2006-2010 (1)

($ billions)
2006 2007 2008 2009 2010
Net written premiums $443.5 $440.6 $434.9 $418.4 $422.1
     Percent change 4.2% -0.6% -1.3% -3.8% 0.9%
Earned premiums $435.5 $438.9 $438.3 $422.3 $420.5
Losses incurred 231.3 244.7 286.3 253.8 256.5
Loss adjustment expenses incurred 52.6 52.3 51.7 52.5 52.6
Other underwriting expenses 117.1 120.1 119.6 117.0 119.6
Policyholder dividends 3.4 2.4 2.0 2.0 2.3
Underwriting gain/loss 31.1 19.3 -21.2 -3.0 -10.4
Investment income 52.3 55.1 51.5 47.1 47.2
Miscellaneous income/loss 1.2 -1.0 0.4 0.9 1.0
Operating income/loss 84.6 73.4 30.6 45.0 37.8
Realized capital gains/losses 3.5 8.9 -19.8 -7.9 5.7
Incurred federal income taxes/credit 22.4 19.8 7.8 8.4 8.9
Net income after taxes 65.8 62.5 3.0 28.7 34.7

(1) Data in this chart may not agree with similar data shown elsewhere due to different sources.

Source: ISO, a Verisk Analytics company.

Property/Casualty Insurance Industry Income Analysis, 2021-2025

($ billions)
2021 2022 2023 2024 2025
Net premiums written $715.7 $778.2 $857.9 $933.6 $980.3
     Percent change 9.1% 8.7% 10.2% 8.8% 5.0%
Premiums earned $689.8 $748.7 $821.6 $903.3 $953.5
Losses and loss adjustment expenses incurred 500.7 569.8 627.3 641.0 634.8
Other underwriting expenses 188.6 199.8 213.8 235.9 251.1
Policyholder dividends 4.6 3.3 3.6 4.2 6.1
Net underwriting gain/loss -0.4 -22.4 -20.0 26.7 67.6
Net investment income 56.1 71.5 72.6 88.1 91.8
Miscellaneous income/loss 0.1 -1.5 -2.8 -3.0 -3.5
Operating income 54.6 47.9 50.2 111.9 154.5
Realized capital gain 17.5 -3.9 48.1 79.3 17.3
Federal income tax 9.1 6.1 11.0 20.0 25.6
Net income after taxes 63.0 37.9 87.3 171.3 146.2

Source: NAIC data, sourced from S&P Global Market Intelligence: Income Statement; Insurance Information Institute.

Property/Casualty Insurance Industry Income Analysis, 2003-2007 (1)

($ billions)
2003 2004 2005 2006 2007
Net written premiums $404.4 $424.1 $425.5 $443.5 $440.8
     Percent change 9.4% 4.9% 0.3% 4.2% -0.6%
Earned premiums $386.3 $413.8 $417.6 $435.5 $439.1
Losses incurred 238.7 247.8 256.5 231.3 246.2
Loss adjustment expenses incurred 50.0 53.1 55.1 52.6 52.4
Other underwriting expenses 100.7 106.8 109.8 117.1 119.0
Policyholder dividends 1.9 1.7 1.9 3.4 2.4
Underwriting gain/loss -4.9 4.3 -5.6 31.1 19.0
Investment income 38.6 40.0 49.7 52.3 54.6
Miscellaneous income/loss 0.0 -0.3 1.0 1.2 -1.0
Operating income/loss 33.8 44.0 45.1 84.6 72.7
Realized capital gains/losses 6.6 9.1 9.7 3.5 9.0
Incurred federal income taxes/credit 10.3 14.6 10.7 22.4 19.7
Net income after taxes 30.0 38.5 44.2 65.8 61.9

(1)  Data in this chart may not agree with similar data shown elsewhere due to different sources.

Source: ISO.

Property/Casualty Insurance Industry Income Analysis, 2003-2007 (1)

($ billions)
2003 2004 2005 2006
Net written premiums $404.4 $424.1 $425.7 $443.8
     Percent change 9.4% 4.9% 0.3% 4.3%
Earned premiums $386.3 $413.8 $417.7 $435.8
Losses incurred 238.7 247.8 256.3 231.1
Loss adjustment expenses incurred 50.0 53.1 55.1 52.6
Other underwriting expenses 100.7 106.8 109.8 117.5
Policyholder dividends 1.9 1.7 1.9 3.4
Underwriting gain/loss -4.9 4.3 -5.6 31.2
Investment income 38.6 40.0 49.7 52.3
Miscellaneous income/loss 0.0 -0.3 1.0 1.0
Operating income/loss 33.8 44.0 45.1 84.6
Realized capital gains/losses 6.6 9.1 9.7 3.4
Incurred federal income taxes/credit 10.3 14.6 10.7 24.2
Net income after taxes 30.0 38.5 44.2 63.7

(1) Data in this chart may not agree with similar data shown elsewhere due to different sources.

Source: ISO.