Driven by a sharp decline in catastrophe losses, the U.S. property-casualty industry posted a $24.4 billion net gain on underwriting through the first nine months of 2006. The figure stands in stark contrast to the $2.5 billion net loss on underwriting through the same period last year.
In a report released today by Jersey City, N.J.-based Insurance Services Office and the Property Casualty Insurers Association of America, based in Des Plaines, Ill., the two groups said the industry's positive underwriting results contributed to an increase in its net income after taxes over nine months to $44.9 billion, compared to $29.7 billion in 2005.
Reflecting the increase in net income after taxes, the industry's annualized rate of return on average policyholders' surplus rose to 13.4 percent, from 9.8 percent in 2005.
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