Despite the ravages of four hurricanes in Florida last year, the nation's property and casualty insurers reported profits of $41.3 billion in 2004, representing a 28-percent increase over the $32.3 billion earned in 2003, according to Weiss Ratings.
“Property and casualty insurers continue to post impressive results,” said Melissa Gannon, vice president of Weiss. “The ability to withstand such a horrific hurricane season is an indicator of the industry's long-term financial strength.”
Contributing to the industry's healthy performance, underwriting profits reached a record high, surging to $6.4 billion as of Dec. 31, 2004, compared to a $2.9-billion loss the previous year. The underwriting gain was primarily due to an increase in earned premiums, which jumped from $387.7 billion in 2003 to $414.3 billion in 2004.
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