Private U.S. property/casualty insurers' net income after taxes rose from $13.9 billion in the first quarter of 2014 to $18.2 billion in the first quarter of 2015. Measured by their rate of return on average policy holders' surplus, insurers' overall profitability grew from 8.4% to 10.8%, according to ISO, a Verisk Analytics business, and the Property Casualty Insurers Association of America (PCI).
In the first quarter of 2015, insurers' combined ratio improved to 95.7%, compared to 97.1% in first quarter of 2014, and their net underwriting gains increased from $2.4 billion to $4.1 billion. Net written premium growth remained at a steady 3.7% for the first quarters of 2014 and 2015. In the first quarter of 2015, net investment income rose to $11.7 billion up from the previous $11.2 billion a year.
Need to focus on underwriting
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Trudy Knockless
Trudy Knockless is a reporter on ALM Media's Business of Law desk. She has a background serving legal and insurance publications. Contact her at [email protected] or on LinkedIn at Trudy Knockless.
