The U.S. property and casualty sector’s profits got a boost in the first half of 2012, largely as a result of underwriting improvements resulting from a quiet catastrophe year to date. According to ISO, a Verisk Analytics company, and the Property Casualty Insurers Association of America (PCI), private U.S. property/casualty insurers’ net income after taxes jumped to $16.4 billion in first-half 2012 from $4.8 billion in first-half 2011. Measuring insurers’ overall profitability as an annualized rate of return, policyholders’ surplus on average climbed to 5.9 from 1.7 percent.
The organizations report that insurers’ pretax operating income — the sum of net gains or losses on underwriting, net investment income, and miscellaneous other income — rose to $18.4 billion in first-half 2012 from $1.3 billion in first-half 2011.
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