NU Online News Service, May 16, 2:43 p.m. EDT
U.S. property and casualty insurers saw 2012 first-quarter net income soar by 69 percent as lower catastrophe losses helped drop the industry's combined ratio to 96, compared to 102 a year ago, according to a Moody's Investors Service analysis.
In a report titled "U.S. P&C Insurers' 1Q12 Earnings Improve on Lower Cats; Pricing Momentum Continues," Moody's says the industry enjoyed a relatively quiet quarter with respect to catastrophes, although March tornadoes caused about $1.2 billion in estimated insured losses, hurting some regional carriers.
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