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There were still positive signs for the U.S. property and casualty industry during Q1 2014, but financial performance was not as robust as the same period in 2013 as weather losses mounted and the pace of rate increases slowed.

The good news for carriers: the industry managed an underwriting profit for the fifth consecutive quarter (Q4 2012, when Superstorm Sandy struck, remains the last time the industry reported an underwriting loss), and rate increases, while moderating, remained in place for most lines, according to an A.M. Best Q1 Financial Review.

The industry posted Q1 net income of $13.9 billion, down 39.8% from Q1 2013. Underwriting income was $2.2 billion, a 67.1% drop compared to Q1 2013.

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