The U.S. property/casualty industry is increasingly profitable, with a Q1 net income of $10.1 billion, compared with $7.8 billion for the same quarter last year; profitability as measured by the cumulative annualized rate of return on average policyholders’ surplus increased to 7.2 percent from 5.6 percent for the same quarter last year, according to the Insurance Services Office (ISO), and the Property Casualty Insurers Association of America (PCI), which released its quarterly profits and profitability report.
Net losses on underwriting declined to $0.2 billion for the quarter, compared with $4.5 billion for the same quarter last year; and the combined ratio, a critical measure of losses and other underwriting expenses per dollar of premium, improved to 99 percent from 103.3 percent for the same quarter last year. Those improvements are largely due fewer catastrophic losses this year, losses and loss adjustment expenses from catastrophes fell to $3.4 billion from $6.6 billion, for the quarter.
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