The P&C insurance industry’s combined ratio improved to 94.7 in the first quarter of 2013 as premium increases and declines in losses boosted the sector to a second consecutive Q1 underwriting profit this year, according to A.M. Best’s most recent financial review.

Last year’s combined ratio after the first quarter was 97.4. The industry’s policyholders’ surplus also increased 6 percent to reach a new record amount ($618.3 billion) as of March 31.

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