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P/C Industry Reports First Underwriting Profit in Four Years

A relatively quiet year for catastrophes helped the U.S. property/casualty industry achieve an underwriting profit for the first time in four years, according to A.M. Best...
February 20, 2014

A relatively quiet year for catastrophes helped the U.S. property/casualty industry achieve an underwriting profit for the first time in four years, according to A.M. Best. The industry managed its way to a nearly 60 percent increase in net income to $63.2 billion, which helped drive an estimated record year-end surplus of $666.3 billion. The surplus level is “particularly noteworthy given the headwinds that are anticipated in 2014,” A.M. Best said. In a special report, the ratings agency said underwriting results reached their best level since 2007 and the industry’s combined ratio for the year is expected to come in at 97.6. However, Best said it is estimating a “more normal level of catastrophe losses” in the coming year.

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