The U.S. property and casualty insurance industry swung back into the black in the first quarter, reporting $8.9 billion in net income compared to a loss of $1.3 billion for the same period last year despite a lingering recession and soft market.
The $10.2 billion improvement in the industry's bottom line was the highlight of the latest quarterly report issued by the Insurance Services Office Inc. (www.iso.com) and the Property Casualty Insurers Association of America (www.pciaa.net).
The turnaround boosted the industry's annualized rate of return to 6.7 percent from negative-1.2 percent for the first quarter of 2009.
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