Moody’s in September 2026 announced it had maintained a stable outlook for Nordic property and casualty insurers but cautioned that slowing price increases will shift premium growth toward volume, raising new underwriting discipline challenges. The sector enters this phase from a position of strength. Moody’s reported an average combined ratio of 84.8% for 2025, down from 89.5% in 2024, with pre-tax profits rising approximately 24% across covered insurers. That