2026 P&C Industry Primer

研报英文原文证据摘录

2026 P&C Industry Primer

I N D U S T R Y N O T E

J u n e 3 0 , 2 0 2 6

Insurance

CONCLUSION Paul Newsome, CFA, CPCU

This primer report is designed to help investors both new and experienced with the group Managing Director, Piper Sandler & Co.

to better understand the industry and how investors view the industry. This primer edition 312 281-3445, paul.newsome@psc.com

includes updated industry data and new analyses on the accuracy of seasonal hurricane Cam Bianchi

predictions for the industry. Research Analyst, Piper Sandler & Co.

612 456-9841, cam.bianchi@psc.com

• The Property & Casualty Industry Overview: Property & casualty insurance is the Related Companies: Share Price:

business of providing risk transfer for risk related to either property or liability (casualty) AFG 139.89

exposure. Insurance companies are generally risk collectors. For a certain amount of AIG 75.12

money (premium), the insurance company will accept financial risks for others. AII 19.11

AJG 227.12

• The Underwriting Cycle: The underwriting pricing cycle refers to the historical tendency ALL 241.38

for insurance prices to follow claim costs with a lag. AON 327.57

BOW 30.01

CB 343.29

• Valuation: There are several methods for valuing insurance stocks which involve CINF 186.16

breaking apart the property & casualty insurance model to determine what drives HIG 133.49

company performance. The main drivers for the valuation of property & casualty HRTG 26.30

insurance common shares are underwriting profitability and book value. KMPR 27.31

MRSH 166.71

• The Dark Art of Loss Reserves: Insurance reserves represent the money that insurers ORI 41.49

PGR 219.86 put aside to fund claims already recognized. The largest component of a property &

PLMR 126.33