Property leads the way
The report shows that property remains one of the most competitive areas entering 2026. Rate reductions in 2025 often ranged from high single digits to more than 25%, influenced by increased global capacity, larger line sizes and oversubscription within layered programs. Despite wildfire losses and a severe convective storm season that produced an estimated $42 billion in insured losses, overall 2025 property results were viewed as manageable and contributed to an industry combined ratio of 89.1% in Q3.