--- title: "Property & Casualty Insurance Industry" description: "33 SEC filers are classified under the Standard Industrial Classification code that describes the property & casualty insurance industry." canonical: https://www.getswoopr.com/stocks/industries/financials/property-and-casualty-insurance/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Property & Casualty Insurance Industry ## Direct Answer 33 SEC filers are classified under the Standard Industrial Classification code that describes the property & casualty insurance industry, and their latest annual reports show $694.8 billion of combined revenue and a median operating margin of 13.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Property and casualty insurers cover homes, vehicles and businesses against damage and liability. Underwriting results depend on pricing, catastrophes and claims inflation, supported by investment income on float. The first numbers to compare across companies here are combined ratio, net written premium growth and reserve development. ## Key Industry Metrics - **Combined ratio**: Claims plus expenses as a share of premiums. Below the breakeven level there is an underwriting profit, and above it there is a loss. - **Net written premium growth**: Increase in premiums retained after reinsurance. It reflects price changes and exposure, and should be read with rate adequacy. - **Reserve development**: Changes to earlier claim estimates. Favorable development adds to profit, while adverse shows past underpricing. - **Catastrophe losses**: Losses from storms, fires and other disasters. They are volatile, so compare results with and without them. - **Investment yield**: Income earned on invested premiums and reserves, as a share of invested assets. It falls when rates drop and cushions underwriting. ## Primary Macro Drivers - **Pricing cycle**: Prices rise in hard markets and fall in soft ones, so cycle position drives premium growth and the combined ratio. - **Catastrophe activity**: Storms and other large events raise claims in a given year, which shows up in catastrophe losses and the combined ratio. - **Claims inflation**: Rising prices for parts, labor and care lift claim sizes faster than premiums if rates do not keep up. - **Interest rates**: Float is invested, so higher yields add investment income that supports results alongside underwriting. ## Major Risks - **Catastrophe losses**: Earlier claims that cost more than reserved require charges that cut earnings. Watch reserve development and loss trend. - **Reserve shortfalls**: Large events can wipe out underwriting profit and reduce capital. Watch catastrophe losses and reinsurance cover. - **Soft pricing**: Price cuts in a competitive market shrink margin while exposure grows. Watch rate change against loss trend and the combined ratio. - **Climate and litigation costs**: Changing weather and rising legal costs raise future claims beyond past experience. Watch catastrophe loss trends and legal expense commentary. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Mixed | | Capital Intensity | High | | Regulatory Intensity | High | | Industry Maturity | Mature | | Geographic Importance | U.S. / Global | ## Property & Casualty Insurance Filers in the SEC Record 33 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6331. Their latest fiscal years end in 2025, and together they reported $694.8 billion of revenue. Median revenue growth over the prior year was 6.3%. Median operating margin was 13.6% and median net margin 12.9%. Median total liabilities were 75% of total assets, and 30 of 33 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Berkshire Hathaway Inc](https://www.getswoopr.com/stocks/companies/berkshire-hathaway/) | $371.4 billion | 0.0% | n/a | 18.0% | FY 2025 | | [Allstate Corp](https://www.getswoopr.com/stocks/companies/allstate/) | $67.7 billion | 5.6% | n/a | 15.0% | FY 2025 | | [Travelers Companies, Inc.](https://www.getswoopr.com/stocks/companies/travelers-companies/) | $48.8 billion | 5.2% | n/a | 12.9% | FY 2025 | | [Hartford Insurance Group, Inc.](https://www.getswoopr.com/stocks/companies/hartford/) | $28.4 billion | 6.9% | n/a | 13.5% | FY 2025 | | [American International Group, Inc.](https://www.getswoopr.com/stocks/companies/american-international-group/) | $26.8 billion | -1.7% | n/a | 11.6% | FY 2025 | | [Arch Capital Group Ltd.](https://www.getswoopr.com/stocks/companies/arch-capital-group/) | $19.9 billion | 14.3% | n/a | 22.1% | FY 2025 | | [Loews Corp](https://www.getswoopr.com/stocks/companies/loews-corporation/) | $18.5 billion | 5.4% | n/a | 9.0% | FY 2025 | | [Everest Group, Ltd.](https://www.getswoopr.com/stocks/companies/everest-group/) | $17.5 billion | 1.2% | n/a | 9.1% | FY 2025 | The 8 largest of 33 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Property & Casualty Insurance guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Financials - [Financials sector overview](https://www.getswoopr.com/stocks/industries/financials/) - [Property & Casualty Reinsurance](https://www.getswoopr.com/stocks/industries/financials/property-and-casualty-reinsurance/) - [Private Equity Managers](https://www.getswoopr.com/stocks/industries/financials/private-equity-managers/) - [Proxy & Governance Services](https://www.getswoopr.com/stocks/industries/financials/proxy-and-governance-services/) - [Private Credit Managers](https://www.getswoopr.com/stocks/industries/financials/private-credit-managers/) - [Real-Time Payments](https://www.getswoopr.com/stocks/industries/financials/real-time-payments/) - [Private Banks](https://www.getswoopr.com/stocks/industries/financials/private-banks/) - [Regional Banks Industry: How It Works, Companies, KPIs & Risks](https://www.getswoopr.com/stocks/industries/financials/regional-banks/) - [Private Banking & Trust](https://www.getswoopr.com/stocks/industries/financials/private-banking-and-trust/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Property & Casualty Insurance industry? Key performance indicators for the Property & Casualty Insurance industry include: Combined ratio, Net written premium growth, Reserve development, Catastrophe losses, Investment yield. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Property & Casualty Insurance industry? The Property & Casualty Insurance industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important. What are the biggest risks in the Property & Casualty Insurance industry? The primary risks for Property & Casualty Insurance companies include: Catastrophe losses, Reserve shortfalls, Soft pricing, Climate and litigation costs. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).