After catastrophes in 2011 drove down net income for the first nine months of that year, a relatively benign first nine months in 2012 led to a rebound in insurers’ results, showing the large role weather plays for the insurance industry.
Oldwick, N.J.-based A.M. Best released its nine-month review of the P&C insurance industry last week, noting that personal-lines net income climbed to $9.4 billion for the period in 2012 compared to an after-tax loss of $1.8 billion for the same period in 2011. For commercial lines, net income rose more than 77 percent, or $6.5 billion, to $15 billion in the first nine months of 2012.
The commercial-lines combined ratio improved 6.6 points to 101.3 thanks to the combination of rate improvement and reduction in natural catastrophe losses.
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