The U.S. property-casualty industry's remarkable underwriting result for 2006–a combined ratio of 92.4–stands in striking contrast to recent years, and is attributable to more than just a lower level of catastrophes, industry experts contend.
In dollars, the ratio translates to an underwriting gain of $31.2 billion, contributing to a bottom-line net income of $63.7 billion–a 44 percent jump from net income of $44.2 billion in 2005.
The figures were published last week in a joint report by the Jersey City-based Insurance Services Office Inc. and the Property Casualty Insurers Association of America in Des Plaines, Ill.
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