2022 US Property & Casualty Insurance Market Report

The insurance industry is no stranger to managing through times of economic volatility and geopolitical upheaval, but the confluence of events during the first half of 2022 has put even the most seasoned managers to the test. Discover what's in store for the US property & casualty insurance market in our annual report.

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If you are a client of S&P Capital IQ Pro, you can access the complete 2022 US Property & Casualty Insurance Market Report here. Receive complimentary access to the executive summary here.

Key findings include:

  • We project that inflation will send the P&C industry to its first unprofitable year from an underwriting standpoint, as measured by a combined ratio in excess of 100%, since 2017.
  • Our forecast of a full-year 2022 result of 100.4% and a return to modest profitability in 2023 with a projected combined ratio of 99.7% is dependent upon the industry’s continued ability to implement meaningful rate increases in lines that require them and to benefit from the tailwinds provided by modest macroeconomic expansion.
  • We anticipate growth in direct premiums written at the highest rate in two decades at 9.8% in 2022, up from 9.5% in 2021, fueled by the combination of significant personal lines rate increases and continued momentum in the commercial lines in terms of both pricing and the amount of coverage issued.
  • Variables associated with the U.S. economy and the emergence of costly natural catastrophes seem particularly uncertain under the current circumstances. Increasing chatter about the depths and reach of a potential recession, and forecasts for ever-worsening hurricane and wildfire seasons driven by climate change, carry significant potential negative implications for the industry’s top and bottom lines in both the near and longer terms.
Want access to the full report and underlying data? Request a demo of S&P Capital IQ Pro!

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