The good news is that P&C insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus (or statutory net worth) increased to 5.8% last year from 0.6% in 2008. However, their $28.3 billion in net income for 2009 is less than half of their $62.5 billion in net income for 2007, which means recovery from the recession and financial crisis remains incomplete, according to ISO and the Property Casualty Insurers Association of America (PCI).

Similarly, insurers’ 5.8% overall rate of return for last year was less than half of their 12.4% rate of return for 2007.

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