You are here:HomeNews CenterInsurance News2006Despite Record Cat Losses, Insurers' Income Up Through Nine Months

Despite Record Cat Losses, Insurers' Income Up Through Nine Months

According to the Property Casualty Insurers Association (PCI) and the Insurance Services Office's Property Claim Services (PCS) unit, the U.S. property/casualty insurance industry's net income...
January 4, 2006

According to the Property Casualty Insurers Association (PCI) and the Insurance Services Office's Property Claim Services (PCS) unit, the U.S. property/casualty insurance industry's net income and surplus rose through the nine-month period, despite record catastrophe losses. Through Sept. 30, the industry's net income after taxes rose 4.4 percent, or $1.2 billion, to $28.8 billion from $27.6 billion in the same period in 2004. Direct insured property losses due to catastrophes through the first nine months in 2005 totaled $47.6 billion - nearly double the $27 billion in direct insured property losses due to catastrophes through the first nine months in 2004. Adjusting for losses covered by residual market mechanisms and foreign reinsurers, the ISO estimated that private insurers' net catastrophe losses through the first nine months in 2005 totaled $27 billion to $32 billion - up from $15.8 billion through the first nine months in 2004.

Filed under: