Economic conditions giveth and economic conditions taketh away when it comes to property and casualty insurance industry profitability.
Although the recession was blamed for an increase in net underwriting losses for the industry during the first half of 2010, poor economic conditions might also have allowed property and casualty insurers to release reserves, which benefitted their overall bottom line, according to reports on industry-wide results from the Insurance Services Office, the Insurance Information Institute and the Property Casualty Insurers Association of America.
Net income for private p&c insurance companies in the United States more than doubled, increasing about $10.5 billion to $16.5 billion in the first half of 2010, compared with the same period a year ago.
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