According to AM Best, property casualty insurers made a record $169 billion in profit in 2024—even as they raised prices and pushed for laws to avoid paying more claims, all while claiming the industry was in trouble.¹

The $169 billion profit amounted to a 90% increase from the previous year and a 333% increase from 2022.

These record profits were made in a year in which insurers raised auto insurance rates by an average of 26%, with some states seeing increases of more than 40%. Insurers also raised homeowners insurance rates by double digits. Overall premiums collected by property/casualty insurance companies totaled more than $1 trillion per year for the first time.³

^{Full Results:}

	2022	2023	2024
Net Premiums Written	$834B	$920B	$1T
Underwriting Income (Loss)	($26B)	($21B)	$23B
Surplus	$954B	$1,014B	$1,084B
Net Investment Income	$70B	$70B	$85B
NET INCOME	$44B	$89B	$169B

 

1. First Look: 2024 US Property/Casualty Financial Results, AM Best, March 18, 2025; Viewpoint: As Insurance Losses Outpace Premiums, State Regulators Play a Critical Role, Insurance Journal, November 26, 2024.
2. The average cost of car insurance rose more than 25% in 2024, CNBC, October 31, 2024.
3. US homeowners rates rise by double digits for 2nd straight year in 2024, S&P Global, January 21, 2025

 

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