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Industry Sees Net Profits Soar In 2005 Despite Record Catastrophe Losses

Insurers report 12 percent gain on bottom line, even with an underwriting

By Steven Tuckey | Updated on April 16, 2006

Property-casualty insurers as a whole will report 12 percent growth in their 2005 bottom line to $43.5 billion despite the biggest catastrophe losses in the market’s history, a group of industry organizations revealed last week.

Preliminary 2005 results provided by the Property Casualty Insurers Association of America and the Insurance Services Office Inc. also indicate the industry will post a modest underwriting loss, compared with the previous year–when the first underwriting gain was reported in 24 years.

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