Positive signs occurred for the U.S. property & casualty industry during Q1 2014, but financial performance was not as robust as the same period in 2013 primarily due to weather losses.
The good news: The industry managed an underwriting profit for the fifth consecutive quarter (Q4 2012, when Superstorm Sandy struck, remains the last time the industry reported an underwriting loss), and rate increases remained in place, according to A.M. Best's Q1 Financial Review.
The industry posted Q1 net income of $13.9 billion, down 39.8% from the same period in 2013. Underwriting income came in at $2.2 billion, a 67.1% drop.
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