You are here:HomeNews CenterInsurance News2004U.S. Property/Casualty Net Income Rises

U.S. Property/Casualty Net Income Rises

Benefiting from profits on underwriting, the U.S. property/casualty insurance industry's net income after taxes rose 28.3 percent to $26.7 billion in the first nine months...
December 29, 2004

Benefiting from profits on underwriting, the U.S. property/casualty insurance industry's net income after taxes rose 28.3 percent to $26.7 billion in the first nine months of 2004, from $20.8 billion in the first nine months of 2003. Reflecting the growth in the industry's income, its surplus, or statutory net worth, increased $22 billion, or 6.3 percent, to $369 billion at September 30 of this year from $347 billion at year-end 2003, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). The industry's surplus as of September 30 would have been a record if not for inflation. Despite one of the worst quarters ever for disasters, the combined ratio through the first nine months of 2004 was just 97.9, making it all but certain the industry in 2004 would achieve its first underwriting profit since 1978.

Filed under: