The U.S. property-casualty insurance industry exceeded all expectations in 2005, demonstrating considerable resiliency by reporting record net income for the second consecutive year despite enduring the highest insured catastrophe losses in recorded history.

The industry continues to benefit from the hard market that commenced in earnest following the tragic events of Sept. 11, 2001. Although premium rates in most segments declined throughout 2005, market fundamentals remain supportive of near-term underwriting profits in many segments.

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