The U.S. property-casualty industry absorbed record-high catastrophe losses in 2005 to post a 20 percent increase in after-tax net income from the previous year, according to a new report from A.M. Best.
The p-c industry earned after-tax net income of $48.4 billion, compared with $40.5 billion in 2004.
The industry's noteworthy operating results were driven by solid investment returns, along with prudent underwriting practices and sound risk management implemented throughout the industry, Best said.
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