Continued rate increases and lower losses led the U.S. property and casualty industry to its second consecutive first-quarter underwriting profit in 2013, a new A.M. Best report says.
The Q1 2013 underwriting results show an improvement over Q1 2012, with the industry's combined ratio dropping to 94.7 from 97.4 and underwriting income growing to $4.6 billion compared to $1.5 billion.
The industry's net income climbed to $22 billion in the first quarter compared to $14.2 billion in 2012's first quarter. Gains were seen in both personal and commercial lines, in part due to lower catastrophe losses. Catastrophes accounted for 2.0 points of the combined ratio in 2013's first quarter compared to 3.2 points in 2012.
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