Underwriting and operating results for the U.S. P&C industry in 2012 improved substantially compared with 2011, according to a report from A.M. Best. Net income for 2012 was $39.9 billion compared to $26.3 billion the prior year, a 52 percent increase, attributable to lower underwriting losses, increased net investment income and realized capital gains.
Policyholders’ surplus grew to $598.4 billion, exceeding the $572.2 billion record set in 2010. The rating company estimates 2012 catastrophe losses of $34.2 billion, down from $41.3 billion in 2011, despite Superstorm Sandy.
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