The U.S. property-casualty industry posted a 28 percent profit increase, or $9 billion, in 2004, despite dealing with the losses of four hurricanes in a single season over Florida, Weiss Ratings Inc., reported.
The Jupiter, Fla.-based rating service said p-c profits increased from $32.3 billion in 2003 to $41.3 billion last year.
Weiss said underwriting profits surged 121 percent, or $6.4 billion, going from $2.9 billion to $6.4 billion in 2004. According to the firm, the underwriting gain was due to an increase in earned premiums, which rose 6 percent, or $26.6 billion, from $387.7 billion to $414.3 billion.
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