US P&C sector falls to $4.1bn net underwriting loss in 2021 but surplus hits $1trn

The US P&C insurance industry fell to a $4.1bn net underwriting loss last year from a $6.7bn gain in 2020 on higher losses and expenses, but carriers in the aggregate were still able to increase their net income by 4.5 percent on the back of realised capital gains, according to AM Best analysis.