Until Superstorm Sandy hit on October 29, the U.S. property/casualty industry was on track to record a significant improvement in financial results following 2011’s substantial underwriting loss, including an improved combined ratio of 100.1 with net income more than twice its 2011 level, according to a newly released special report from A.M. Best Co.
The impact of what is likely to become the second-costliest U.S. natural disaster in terms of insured losses, after 2005’s Hurricane Katrina, has been apparent on income statements throughout the P&C industry, with the industry’s underwriting loss increasing by $26 billion and net income deteriorating $10 billion during the fourth quarter, based on A.M. Best’s estimates of 2012 full-year results.
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