A trio of industry associations has teamed to deliver what's likely music to property/casualty insurers' ears—the industry is rebounding in 2010, and solidly on the positive side of the ledger.

According to a joint report issued today by ISO, the Insurance Information Institute (III) and the Property Casualty Insurers Association of America (PCI), private U.S. property/casualty insurers’ net income after taxes saw a dramatic turnaround this year, rising to $8.9 billion in Q1 2010 from -$1.3 billion in Q1 2009. Insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus (or statutory net worth) increased to 6.7% for Q1 2010 from -1.2% for Q1 2009.

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