Insurance - Property & Casualty: P&C Business Mix Review 2025: Who Has What Exposure In A Property Soft Market

Research evidence excerpt

Insurance - Property & Casualty: P&C Business Mix Review 2025: Who Has What Exposure In A Property Soft Market

Foundation

June 8, 2026 05:01 AM GMT

Morgan Stanley & Co. LLCMInsurance - Property & Casualty | North America Bob Jian Huang

Equity Analyst

P&C Business Mix Review 2025: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Who Has What Exposure In A Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

Property Soft Market

Heading into a soft market, companies with larger property &

personal lines exposures should see more growth deceleration.

Based on YE2025 annual disclosures, we expect ALL and PGR to Insurance - Property & Casualty

be more sensitive to soft market conditions, while BOW should North America

Industry View Attractive

be more insulated.

I'd greatly appreciate your support for the Morgan Stanley P&C and Life Insurance

Research teams in this year's All-America Extel survey. Thank you so much! - Bob

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and select “All-American Research Team”.

Soft and hard market at the same time, but trending softer. While we expect a

prolonged soft market going forward, the pace of the soft market development is

fairly uneven. On the property side, several years of strong underwriting profit and

the relatively short duration nature of the business are already pressuring pricing,

while commercial casualty is still exhibiting more hard market behaviors with better

pricing (albeit slowing) and continued underwriting improvements. In this

environment, we expect growth slowdown and downward earnings revision will

happen quicker for companies over-indexed to property lines, while companies with