Among large property and casualty carriers, Chubb, Travelers and The Hartford all reported full‑year 2025 results that generally showed strong or improved underwriting margins in commercial lines, helped by several years of rate firming and tighter terms. Personal lines writers, including Allstate and a number of regional carriers, continued to work through elevated motor and homeowners’ loss costs, although rate increases and underwriting actions begun in 2023–24 started to show through in better combined ratios in H2 2025.