The Property and Casualty (P&C) Insurance net premiums earned in the US has shown a steady increase from 2013 to 2023, with an occasional dip in 2021. In 2023, the net premiums stood at $576.04 billion, reflecting a yearly increase of 1.23%. The Compound Annual Growth Rate (CAGR) for the past five years up to 2023 was 1.31%. Over the last two years, there was a significant recovery with the 2022-2023 period showing a positive growth, contrasting the previous downturn in 2021.
Going forward, forecasts suggest a moderate growth with an average yearly increase (CAGR) of 0.89% until 2028, projecting a total growth rate of 4.54%. While growth remains steady, it is notably slower compared to the earlier period from 2013-2016.
Future trends to watch for include:
- Impact of technological advancements on risk assessment and premium pricing.
- Influence of regulatory changes on the insurance market dynamics.
- Shifts in consumer behavior post-pandemic.
- The role of climate change in altering risk profiles and insurance models.
