Profits are once again on the rise at most property/casualty insurers, but a lack of significant premium growth combined with higher loss expenses has kept growth and income levels somewhat in check.

According to a joint release from the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI), P/C insurers' income after taxes rose from $29.4 billion in the first half of 2006 to $32.6 billion in the first half of 2007. That's a growth percentage of more than 10 percent. The report also stated that the net worth of insurers — or surplus — has increased from the record highs attained at the end of 2006, rising from $486 billion to $512.8 billion.

“The increase in surplus going into the hurricane season is certainly welcome news for both insurers and policyholders,” said Genio Staranczak, PCI's chief economist, in a statement. “Though Hurricane Humberto caused relatively little damage when it surprised everybody and hit Texas, the hurricane season doesn't end until November 30. We could still get walloped like we did in 2005, and the growth in surplus further assures that insurers will have the resources to provide financial protection to their customers in the event that we do.”