Discontinued — last reported Q4 '25
Underwriting Operations — Policyholder Benefits and Claims Incurred, Net
Markel Underwriting Operations — Policyholder Benefits and Claims Incurred, Net increased by 2.5% to $1.28B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 3.5%, from $1.24B to $1.28B. Over 4 years (FY 2021 to FY 2025), Underwriting Operations — Policyholder Benefits and Claims Incurred, Net shows an upward trend with a 9.1% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
Lower net claims relative to earned premiums indicate better underwriting discipline and profitability.
Detailed definition
The total claims and loss adjustment expenses incurred by the insurer after accounting for reinsurance recoveries. This...
Peer comparison
Standard industry metric used to calculate the net loss ratio.
mkl_segment_underwriting_operations_policyholder_benefits_and_claims_incurred_netHistorical 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 | $815.46M | $948.14M | $938.97M | $972.36M | $1.06B | $1.19B | $1.23B | $1.17B | $1.19B | $1.41B | $1.56B | $1.29B | $1.23B | $1.29B | $1.24B | $1.25B | $1.29B | $1.25B | $1.28B |
| QoQ Change | — | +16.3% | -1.0% | +3.6% | +8.9% | +11.9% | +3.8% | -4.7% | +1.2% | +18.4% | +10.7% | -17.2% | -4.3% | +4.8% | -3.8% | +1.0% | +2.7% | -2.7% | +2.5% |
| YoY Change | — | — | — | — | +29.8% | +25.0% | +31.0% | +20.6% | +12.2% | +18.6% | +26.4% | +9.8% | +3.8% | -8.1% | -20.2% | -2.6% | +4.5% | -2.9% | +3.5% |
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Frequently Asked Questions
- What is Markel's underwriting operations — policyholder benefits and claims incurred, net?
- Markel (MKL) reported underwriting operations — policyholder benefits and claims incurred, net of $1.28B in Q4 2025.
- How has Markel's underwriting operations — policyholder benefits and claims incurred, net changed year-over-year?
- Markel's underwriting operations — policyholder benefits and claims incurred, net increased by 3.5% year-over-year, from $1.24B to $1.28B.
- What is the long-term trend for Markel's underwriting operations — policyholder benefits and claims incurred, net?
- Over 4 years (2021 to 2025), Markel's underwriting operations — policyholder benefits and claims incurred, net has grown at a 9.1% compound annual growth rate (CAGR), from $3.58B to $5.08B.
- What does underwriting operations — policyholder benefits and claims incurred, net mean?
- The final cost of claims to the insurer after subtracting any amounts covered by reinsurance.