Between 2013 and 2023, the Property and Casualty Insurance net premiums written in the US experienced various fluctuation patterns. In 2023, the value stood at $569.58 billion. From 2013 to 2023, the market showed an overall upward trend with some fluctuations, including a significant drop in 2021 (-3.85%) and a notable rebound in 2022 (6.5%).
Key Year-on-Year Variations:
- 2013: 4.55%
- 2014: 4.29%
- 2015: 3.5%
- 2016: 0.34%
- 2017: 1.38%
- 2018: 1.34%
- 2019: 1.29%
- 2020: 1.25%
- 2021: -3.85%
- 2022: 6.5%
- 2023: 1.13%
The 5-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 1.21%. Future projections from 2024 to 2028 suggest a 5-year CAGR of 0.83%, and an overall growth rate of 4.21% over the period.
Future trends to watch for include the impacts of technological advancements on underwriting and claims processes, regulatory changes, and market dynamics driven by climate change and natural disasters, which could influence premiums and loss ratios.
