The property and casualty insurance industry's consolidated net income through the first three quarters of 2009 improved dramatically–a 272 percent turnaround compared to the same period last year–although association leaders warn there remain plenty of reasons for concern.

Net income for the period improved by close to $12 billion, rising to $16.2 billion, according to a report on the industry's consolidated nine-month results released by the Jersey City, N.J.-based Insurance Services Office Inc., and the Property Casualty Insurers Association of America, headquartered in Des Plaines, Ill.

The industry's rate-of-return on average policyholders' surplus also improved nearly fourfold–from 1.2 percent for the first nine months in 2008 to 4.5 percent this year.

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