US insurers lag S&P 500 after outperforming market benchmark in 2024

The Travelers Companies

31/12/2025 13:12

** Market indexes tracking U.S. insurance industry are set to underperform S&P 500 .SPX this year after outperforming benchmark index in 2024

** S&P 500 insurance index .SPXIN, Dow Jones U.S. select insurance index .DJSINS and S&P 500 property and casualty insurance sub index .SPLRCINPC have all underperformed benchmark index YTD as of last close

** Worries around softening insurance pricing and slowing premium growth have pressured industry stock valuations in recent months

** Ratings agency Fitch expects U.S. property and casualty sector to maintain strong underwriting profitability in 2026 despite macroeconomic challenges

** Declining interest rates are anticipated to modestly pressure insurers' net investment income, though Fitch expects book yields to remain strong

** Citi says 2026 could represent start of positive earnings revisions cycle for the P&C sector, especially for underwriters

** Industry bellwether Travelers TRV.N has risen 21.4% this year

Market index
YTD price performance
S&P 500 insurance index
3.2%
Dow Jones U.S. select insurance index
8.6%
S&P 500 property & casualty insurance sub index
9%
S&P 500
17.3%

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))