NU Online News Service, July 28, 2:41 p.m. EDT 

Insurers were able to breathe a "collective sigh of relief" in 2012's first quarter, as a dramatic drop in catastrophe losses helped the industry realize "much needed improvement in profitability," says the Insurance Information Institute's president.

U.S. property and casualty insurers' net income improved by 29 percent for the first quarter of this year, according to the Insurance Services Office, the Property Casualty Insurers Association of America and I.I.I., which issued their assessment of the first quarter consolidated results for at least 96 percent of all business written by private U.S. P&C insurers.

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