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There were $5.1 billion in first-quarter catastrophe losses, according to A.M. Best’s Quarterly Underwriting Survey, the highest first-quarter total since 2011’s $6.4 billion. (Photo: iStock)

The U.S. property and casualty industry’s 2016 first-quarter net income fell 24%, to $13.7 billion, as underwriting results — as well as net investment income and realized gains — deteriorated compared to the first quarter of 2015, according to insurance industry rating agency A.M. Best’s latest “Special Report.”

Despite the negative results, the industry maintained a combined ratio under 100 in the quarter, and the observed deterioration may be more a result of weather events in the quarter than a sign of where the industry is heading going forward.

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