U.S. P&C insurers saw significant deterioration in net income in 2011. According to numbers from ISO and the Property Casualty Insurers Association of America (PCI), net income after taxes fell to $8 billion in nine-months 2011 from $27.1 billion in nine-months 2010. Overall profitability as measured by their annualized rate of return on average policyholders’ surplus dropping to 1.9 percent from 6.8 percent.
The organizations believe the declines are a result of net losses on underwriting, which grew to $34.9 billion in nine-months 2011 from $6.3 billion in nine-months 2010.
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