US non-life insurance market records underwriting losses over 20 billion USD

AM Best has reported that US non-life insurers posted underwriting losses amounting to more than 20 billion USD for the second year in a row.

At 21.7 billion USD in 2023, the underwriting loss is largely due to poor profitability in the motor and home classes of business.

Both of these activities are facing several challenges, including the increasing frequency and severity of natural disasters, particularly storms, tighter reinsurance conditions and inflation.