The U.S. property/casualty industry posted its best underwriting profit and combined ratio in a decade in 2025, building upon the $1 trillion of total direct premiums written logged the prior year for the first time.
According to a new report from industry financial strength rating agency AM Best, DPW grew 5% in 2025 to about $1.11 trillion.
Overall, the industry’s combined ratio finished at 93 in 2025—an improvement of 3.6 points over 2024.
