The combined ratio for the industry is forecast to remain at 98.5% in 2025, increasing slightly to 99% in 2026. Through the first nine months of 2024, the net combined ratio was 98.2%, supported by favorable reserve developments and rate increases in personal lines. Swiss Re expects slower premium growth to be offset by lower economic inflation, with US Consumer Price Index (CPI) inflation forecast to average 2.5% in 2025.