Industry surplus grew 7.6% in 2020, according to AM Best, which noted net income combined with capital, as well as the net change in unrealized gains, offset the $46.9 billion in dividends paid to stockholders this past year. (Credit: suphakit73/Shutterstock.com) Industry surplus grew 7.6% in 2020, according to AM Best, which noted net income combined with capital, as well as the net change in unrealized gains, offset the $46.9 billion in dividends paid to stockholders this past year. (Credit: suphakit73/Shutterstock.com)

Despite the tumultuous past year, the property & casualty insurance industry saw its overall profitability improve, according to AM Best, which noted a 68% increase in net underwriting income.

Overall, the P&C industry's net underwriting income reached $5.4 billion in 2020, compared to $3.2 billion in 2019. The combined ratio for 2020 reached 98.6, which was also an improvement compared with the 98.9 combined ratio seen the year prior, AM Best reported.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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