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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.”

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