New numbers from A.M. Best Co. have quantified the financial impact of the disaster-related losses sustained by U.S. insurers during the first half of 2011.
According the company, catastrophe-related losses for the industry climbed to an estimated $27.0 billion for the first half of 2011, more than doubling the total reported for the first six months last year, and already surpassing the year-end 2010 total. The losses enervated the industry’s net income, which fell 67 percent to $6.9 billion. The industry’s combined ratio also deteriorated more than 9 points, rising to nearly 110 through the first half of 2011.
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