Private U.S. property & casualty insurers' net income after taxes dropped to $22.4 billion in nine-months 2017 from $32.1 billion in nine-months 2016 and its overall profitability declined to 4.2% from 6.3%, according to a report from ISO, a Verisk business, and the Property Casualty Insurers Association of America (PCI).
Hurricanes drive losses in 2017
In the first nine months of 2017, earned premiums grew 3.6% to $404.9 billion, while loss and loss adjustment expenses (LLAE) rose 11.3% to $311.6 billion. LLAE growth in 2017 was driven by catastrophe losses, as Hurricanes Harvey, Irma, and Maria struck the U.S. in the third quarter, and that was after already above-average catastrophes for the first six months of 2017.
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