Driven by lower catastrophe losses and higher premiums, profitability in the private U.S. property and casualty insurers' market rose sharply in the third quarter.

The results led Robert Hartwig, president of the Insurance Information Institute, to say that they put the industry on a "firm trajectory" for what will "assuredly be its best year in the post-crisis era."

According to data released by ISO and the Property Casualty Insurers Association of America (PCI), net income after taxes rose to $43 billion in nine-months 2013, from $27.8 billion in the same period of 2012.

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