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The property and casualty industry at a glance in Q1 2021. (Verisk and APCIA) The property and casualty industry at a glance in Q1 2021. (Verisk and APCIA)

According to a new report from Verisk and the American Property Casualty Insurance Association (APCIA), U.S. private property and casualty (P&C) insurers experienced growth in net income after taxes in the first quarter of 2021 when compared to the same period in 2020. However, insurers’ combined ratio, which is a key measure of underwriting profitability, worsened.

“While the insurance industry’s net income grew significantly in the first quarter of 2021, underwriting results suffered, due in part to severe weather in Texas,” said Neil Spector, president of ISO at Verisk, in a press release.

An increase in realized capital gains and earned premiums helped fuel net income after taxes to reach $20 billion in Q1 2021 — up from $17.9 billion in Q1 2020, said the report.

Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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