11%
MEDIAN ROE
Combined ratios hold near 99% as median ROE climbs to 11%
P&C underwriting is near breakeven on average, but the spread between the disciplined and the rest is widening.
Oct 13, 2025◆4 min read
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The industry averages that flatter and the dispersion underneath them. Benchmarks for combined ratios, return on equity, and expense structure across the P&C peer set.
P&C underwriting is near breakeven on average, but the spread between the disciplined and the rest is widening.
A complete map of America's trillion-dollar property & casualty industry — and where it sits in the broader insurance economy.