The U.S. property and casualty industry was a lot more profitable last year despite a shrinking pie of insurable exposures and a persistently soft commercial market, but insurers still have a long way to go to hit the highs they experienced just prior to the economic meltdown, a survey of carrier results reveals.
Net income for 2009 rose ninefold for the year, closing at $28.3 billion, compared to slightly more than $3 billion in 2008, according to figures released by the Insurance Services Office and the Property Casualty Insurers Association of America.
However, thanks to the economic crisis, the industry fell well short of its profit figures from 2007, when it posted net income for the year of $62.5 billion, the groups noted.
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