Despite all the catastrophes of 2011, the year as a whole was income-statement-driven—an earnings event—rather than a capital-and-surplus event.

Industry observers have declared as much, and an ALIRT Insurance Research report on first-quarter results from 50 large U.S. P&C insurers it follows (the ALIRT P&C Composite) points to yet another reason many are tempering their outlooks for an imminent market-hardening.

According to the ALIRT P&C Composite, surplus increased 6.1 percent during the first three months of 2012, and total industry surplus is now 5 percent higher than at the end of 2007, before the financial crisis.

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