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U.S. Insurance Industry Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies127
  • 7D0.4%
  • 3M-0.9%
  • 1Y4.8%
  • YTD0.4%

Last week, the Insurance industry hasn't moved much but Arthur J. Gallagher is up 3.4% in that time. As for the the longer term, the industry is up 4.8% over the past 12 months. As for the next few years, earnings are expected to grow by 6.5% per annum.

Industry Valuation and Performance

Has the U.S. Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026US$1.4tUS$931.1bUS$99.3b12.9x14x1.5x
Mon, 08 Dec 2025US$1.4tUS$931.1bUS$99.3b12.8x13.6x1.5x
Wed, 05 Nov 2025US$1.3tUS$928.6bUS$95.3b13.7x13.8x1.4x
Fri, 03 Oct 2025US$1.4tUS$919.0bUS$88.6b14x16x1.5x
Sun, 31 Aug 2025US$1.4tUS$919.1bUS$88.6b14.6x15.9x1.5x
Tue, 29 Jul 2025US$1.4tUS$912.4bUS$86.5b14.3x16.3x1.5x
Thu, 26 Jun 2025US$1.4tUS$904.1bUS$82.6b14.1x17.4x1.6x
Sat, 24 May 2025US$1.4tUS$902.8bUS$82.1b14.9x17.5x1.6x
Mon, 21 Apr 2025US$1.4tUS$898.5bUS$92.2b13.2x15.3x1.6x
Wed, 19 Mar 2025US$1.5tUS$897.3bUS$93.0b13.9x15.9x1.6x
Fri, 14 Feb 2025US$1.4tUS$890.6bUS$93.1b12.8x15x1.6x
Sun, 12 Jan 2025US$1.3tUS$892.9bUS$91.5b12.5x14.4x1.5x
Tue, 10 Dec 2024US$1.4tUS$893.2bUS$91.1b13.9x15.7x1.6x
Thu, 07 Nov 2024US$1.4tUS$885.4bUS$90.3b12.9x15.1x1.5x
Sat, 05 Oct 2024US$1.4tUS$855.0bUS$87.4b14.4x15.9x1.6x
Mon, 02 Sep 2024US$1.4tUS$855.4bUS$87.0b14.1x16x1.6x
Wed, 31 Jul 2024US$1.3tUS$844.9bUS$84.3b13.8x15.4x1.5x
Fri, 28 Jun 2024US$1.2tUS$823.4bUS$79.2b13.3x14.8x1.4x
Sun, 26 May 2024US$1.2tUS$823.4bUS$79.1b12.6x14.9x1.4x
Tue, 23 Apr 2024US$1.2tUS$797.7bUS$69.1b14.9x16.7x1.4x
Thu, 21 Mar 2024US$1.2tUS$792.6bUS$67.0b14.5x17.6x1.5x
Sat, 17 Feb 2024US$1.1tUS$782.1bUS$64.7b13.2x17.5x1.4x
Mon, 15 Jan 2024US$1.1tUS$790.2bUS$48.8b13.1x23.1x1.4x
Wed, 13 Dec 2023US$1.1tUS$792.9bUS$47.7b13.8x23.4x1.4x
Fri, 10 Nov 2023US$1.1tUS$792.7bUS$47.4b12.3x22.3x1.3x
Sun, 08 Oct 2023US$1.0tUS$799.1bUS$38.9b14.9x26.6x1.3x
Tue, 05 Sep 2023US$1.0tUS$799.3bUS$38.7b15.1x26.6x1.3x
Thu, 03 Aug 2023US$1.0tUS$792.2bUS$40.7b15.7x25.1x1.3x
Sat, 01 Jul 2023US$986.9bUS$777.7bUS$36.9b14.6x26.7x1.3x
Mon, 29 May 2023US$939.7bUS$774.5bUS$35.1b15.2x26.7x1.2x
Wed, 26 Apr 2023US$969.9bUS$760.4bUS$43.9b15.7x22.1x1.3x
Fri, 24 Mar 2023US$912.1bUS$759.4bUS$44.2b14.5x20.7x1.2x
Sun, 19 Feb 2023US$1.0tUS$766.7bUS$46.7b16.3x22.2x1.4x
Tue, 17 Jan 2023US$1.0tUS$778.5bUS$54.7b15.2x19.1x1.3x
Price to Earnings Ratio

19.1x


Total Market Cap: US$1.0tTotal Earnings: US$54.7bTotal Revenue: US$778.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Insurance Industry Price to Earnings3Y Average 18.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 14.0x which is lower than its 3-year average PE of 18.7x.
  • The industry is trading close to its 3-year average PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 22% per year over the last three years.
  • Revenues for these companies have grown 6.1% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Financials industry?

US Market1.82%
Financials1.67%
Insurance0.39%
Insurance Brokers2.21%
Life and Health Insurance1.01%
Property and Casualty Insurance-0.51%
Reinsurance-0.62%
General Insurance-1.34%
Industry PE
  • Investors are most optimistic about the Insurance Brokers industry even though it's trading below its 3-year average PE ratio of 37.2x.
    • Analysts are expecting annual earnings growth of 15.1%, which is higher than its past year's earnings growth of 11.6% per year.
  • Investors are most pessimistic about the General Insurance industry, which is trading close to its 3-year average of 12.2x.
Forecasted Growth
  • Analysts are most optimistic on the Reinsurance industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is better than its past earnings decline of 34% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
AJG Arthur J. GallagherUS$264.593.4%
+US$2.2b		-7.8%PE42.4x
ALL AllstateUS$212.214.1%
+US$2.2b		17.2%PE6.7x
PGR ProgressiveUS$215.161.4%
+US$1.8b		-8.7%PE11.8x
MMC Marsh & McLennan CompaniesUS$186.011.9%
+US$1.7b		-11.0%PE22.1x
PRU Prudential FinancialUS$118.083.7%
+US$1.5b		3.1%PE16x

Latest News

AON
US$350.80
Aon
7D
1.9%
1Y
0.4%
OSCR
US$17.73
Oscar Health
7D
18.4%
1Y
25.0%
MET
US$79.41
MetLife
7D
-1.1%
1Y
-1.0%
LNC
US$43.78
Lincoln National
7D
-2.7%
1Y
45.6%

Lincoln National (NYSE:LNC) Has Announced A Dividend Of $0.45

Jan 09
Lincoln National (NYSE:LNC) Has Announced A Dividend Of $0.45
PGR
US$215.16
Progressive
7D
1.4%
1Y
-8.7%

PGR: Softer P&C Cycle Will Pressure Margins Despite Policy Momentum

Analysts have trimmed their fair value estimate for Progressive from US$215.56 to US$191.52, as they factor in softer P&C pricing and a lower future P/E of about 15x, while still seeing support from personal lines trends and policy growth. Analyst Commentary Recent Street research on Progressive reflects a mix of optimism on policy growth and margin resilience, alongside a more cautious tone on the broader P&C cycle and the stock's valuation.
AJG
US$264.59
Arthur J. Gallagher
7D
3.4%
1Y
-7.8%
CB
US$306.81
Chubb
7D
-1.0%
1Y
19.1%
BRO
US$80.64
Brown & Brown
7D
3.9%
1Y
-20.9%

BRO: Larger Buyback And Rising Dividend Will Support Future Upside

Analysts have trimmed their price target on Brown & Brown slightly to about $92.29 per share from roughly $92.86, citing updated assumptions for revenue growth, profit margins, and future P/E levels. What's in the News Brown & Brown reported that from July 1, 2025 to October 22, 2025, it repurchased 0 shares for US$0 under its existing buyback, while having completed repurchases of 16,529,102 shares for US$522.96m since the program began in 2015 (company disclosure).
WRB
US$68.44
W. R. Berkley
7D
-1.3%
1Y
20.7%

WRB: Future Returns Will Hinge On Softening Cycle And Premium P E Risk

Analysts have trimmed their average price target for W. R.
PRU
US$118.08
Prudential Financial
7D
3.7%
1Y
3.1%
AIG
US$75.43
American International Group
7D
-10.5%
1Y
7.0%
ALL
US$212.21
Allstate
7D
4.1%
1Y
17.2%

ALL: Lower Margins And Catastrophe Losses Will Pressure Future Upside

Analysts have adjusted their price target for Allstate slightly lower to about US$177 from roughly US$177, citing updated assumptions around higher discount rates, a change in expected revenue growth, a reduced profit margin outlook, and a higher future P/E multiple. What's in the News Allstate estimated October 2025 catastrophe losses of $83 million, or $65 million after tax, tied to five wind and hail events (Corporate Guidance, Unusual Events).
TRV
US$281.96
Travelers Companies
7D
-1.1%
1Y
21.3%

TRV: Underwriting Execution And Buybacks Will Offset Softening P And C Pricing

Analysts made only a marginal trim to Travelers Companies' modeled fair value, from about $297.10 to $296.95. A mix of higher and lower Street price targets, along with updated views on underwriting trends and pricing conditions across property and casualty lines, fed into a slightly adjusted long term P/E assumption and earnings outlook.
AFL
US$109.24
Aflac
7D
-0.9%
1Y
8.2%

AFL: Future Returns Will Reflect Stable Earnings Power And Capital Returns Balancing Cyber Risks

Analysts made only a small adjustment to their Aflac fair value estimate, with the target price moving from about $111.08 to $111.31 as they factor in recent price target revisions across the sector, softer pricing trends in some insurance lines, and generally steady modeling updates following calm recent earnings seasons. Analyst Commentary Street research around Aflac reflects a mix of optimism on company specific execution and caution around broader insurance pricing trends, which feeds into relatively modest adjustments to fair value estimates.
MMC
US$186.01
Marsh & McLennan Companies
7D
1.9%
1Y
-11.0%

MMC: Future Earnings Should Prove Resilient Despite Softer P And C Cycle

Analysts have trimmed their price targets on Marsh & McLennan Companies to a range of around US$200 to US$257 and now see fair value at about US$211.33 per share, reflecting slightly lower revenue growth and profit margin assumptions alongside a modestly higher future P/E. Analyst Commentary Recent Street research on Marsh & McLennan Companies highlights a mix of confidence in the business model and caution around growth, valuation and the broader property and casualty, P&C, cycle.
HIG
US$136.26
Hartford Insurance Group
7D
-0.6%
1Y
28.2%