Discontinued — last reported Q4 '25
Underwriting Operations — Gross losses and loss adjustment expenses
Markel Underwriting Operations — Gross losses and loss adjustment expenses increased by 22.1% to $1.91B in Q4 2025 compared to the prior quarter. Year-over-year, this metric declined by 3.8%, from $1.99B to $1.91B. Over 4 years (FY 2021 to FY 2025), Underwriting Operations — Gross losses and loss adjustment expenses shows an upward trend with a 11.1% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
An increase relative to premiums suggests deteriorating underwriting performance or higher claims frequency.
Detailed definition
The total estimated costs associated with claims incurred, including both paid losses and reserves for future payments,...
Peer comparison
Comparable to Gross Loss and LAE figures reported by global specialty insurers.
mkl_segment_underwriting_operations_gross_losses_and_loss_adjustment_expensesHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $993.14M | $1.24B | $1.17B | $1.15B | $1.19B | $1.42B | $1.52B | $1.39B | $1.48B | $1.68B | $2.26B | $1.69B | $1.58B | $1.71B | $1.99B | $1.67B | $1.66B | $1.57B | $1.91B |
| QoQ Change | — | +24.8% | -5.4% | -1.8% | +3.2% | +20.0% | +6.8% | -8.4% | +6.0% | +14.1% | +34.5% | -25.2% | -6.8% | +8.4% | +16.2% | -15.8% | -0.8% | -5.6% | +22.1% |
| YoY Change | — | — | — | — | +19.5% | +14.9% | +29.8% | +21.0% | +24.4% | +18.3% | +48.9% | +21.7% | +6.9% | +1.6% | -12.2% | -1.2% | +5.2% | -8.4% | -3.8% |
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Frequently Asked Questions
- What is Markel's underwriting operations — gross losses and loss adjustment expenses?
- Markel (MKL) reported underwriting operations — gross losses and loss adjustment expenses of $1.91B in Q4 2025.
- How has Markel's underwriting operations — gross losses and loss adjustment expenses changed year-over-year?
- Markel's underwriting operations — gross losses and loss adjustment expenses decreased by 3.8% year-over-year, from $1.99B to $1.91B.
- What is the long-term trend for Markel's underwriting operations — gross losses and loss adjustment expenses?
- Over 4 years (2021 to 2025), Markel's underwriting operations — gross losses and loss adjustment expenses has grown at a 11.1% compound annual growth rate (CAGR), from $4.48B to $6.81B.
- What does underwriting operations — gross losses and loss adjustment expenses mean?
- Total costs from insurance claims before factoring in any reinsurance recoveries.