Net income among U.S. P&C carriers increased nearly 52 percent to $39.9 in 2012, compared to 2011, according to a report from A.M. Best Co.
A.M. Best says the P&C industry continued to see favorable prior-year reserve development, but it declined in 2012 to about $11.8 billion from $13.1 billion in 2011. About 47 percent of the overall U.S. P&C industry reported favorable development in 2012, down from 60 percent in 2011.
The Oldwick, N.J.-based rating agency says it "continues to believe the industry loss reserves are in
a modestly deficient position overall," and the company is still worried that recognition of favorable developments could come back to bite carriers "when deficiencies ultimately are recognized."
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