NU Online News Service, Sept. 16, 3:31 p.m. EDT
Net income for private property & casualty insurance companies in the United States increased more than $10 billion in the first half of 2010 compared to the same time period in 2009.
Results were driven by a $13.3 billion increase in investment income in the first six months to $25.8 billion. This also allowed insurers to increase policyholder surplus to 3.7 percent to $530.5 billion, compared with last year during the same period.
However, the p&c insurance industry took an underwriting loss of $5.1 billion for the first six months of 2010 compared with a loss of $2.1 billion in 2009. The combined ratio as of June 30 was 101.7 from 100.8 a year ago during the same time, according to a joint press release from ISO, the Insurance Information Institute (I.I.I.) and the Property Casualty Insurance Association of America (PCI).
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