Insurers, despite inflation and recent disasters, are reporting strong results thanks to pricing and coverage adjustments. Warren Buffett described the improvement at Geico in 2024 as “Spectacular.”
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It’s a Surprisingly Good Time to Be in the Property Insurance Business
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Higher premiums are making up for some difficult years for insurers in the postpandemic period. A leap in underwriting profitability for some insurers in 2020, when far fewer people were driving and getting into accidents, was then met with an inflationary surge in many claims costs, such as what it cost to repair or replace a car. That rapid change in fortune made it tough for insurers to respond quickly with price changes. But now, pricing has caught up with costs in many business lines.
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