A benign catastrophe season helped the U.S. property-casualty industry garner $23.7 billion in underwriting profits for the first nine months of this year, according to A.M. Best.
The industry's exceptional results illustrated the dramatic turnaround from the same period in 2005, when catastrophe-fueled losses led to a $2.8 billion underwriting loss, the Oldwick, N.J.-based rating agency noted in a special report.
The U.S. p-c industry's combined ratio improved to 91.9 percent in the nine-month period ended Sept. 30, down 8.1 percentage points from 100 reported for the same period last year.
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