P&C insurers post their strongest first-quarter underwriting result in years

Private U.S. property and casualty insurers posted roughly a $15.8 billion underwriting gain in the first quarter of 2026 and a combined ratio near 89.5, among the strongest first-quarter results on record. A combined ratio under 100 means insurers paid out less in claims and expenses than they collected in premium.

A quieter catastrophe stretch and an influx of reinsurance capacity did much of the work, easing pressure on property pricing. Healthier insurer balance sheets generally translate into more competition and steadier renewals for consumers.

The flip side is that results this strong often signal a softening property market. That is good news if you are shopping home or commercial coverage this year, because carriers have room to compete for your business.