Tornadoes and hurricanes washed away a good deal of U.S. property/casualty insurers’ net income in the first-half 2011, new numbers from ISO and the Property Casualty Insurers Association of America (PCI) reveal.
Net income after taxes fell to $4.8 billion in first-half 2011, down from $16.8 billion in first-half 2010 last year. The dip was largely attributable to a series of natural disasters which caused net losses on underwriting to jump to $24.1 billion in first-half 2011, compared to the $5.1 billion recorded in first-half 2010. As such, the industry’s combined ratio deteriorated to 110.5 percent for first-half 2011 from 101.7 percent for first-half 2010.
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