Allstate Corp. saw its fourth-quarter net income jump 145 percent, while W.R. Berkley, ACE Limited, CNA and Validus reported Q4 net-income decreases along with global reinsurer Munich Re.

Three large U.S.-based property-and-casualty insurers were unable to post third-quarter profits, with The Hartford stating its net income was flat and American International Group (AIG) and Liberty Mutual Group both reporting net losses.

While there are doubts about whether the property and casualty insurance industry is getting set to enter a hard-market cycle, it increasingly looks like rates are beginning to stabilize in many lines, according to observations by an industry report and some chief executives.

While American International Group reported a 2011 fourth-quarter net profit of more than $11 billion, its property and casualty subsidiary Chartis came in with an underwriting loss of $5.2 billion, primarily because of its reserve charge.

Two groups of forecasters are predicting another busy hurricane season this year after coming off nearly spot-on predictions for a very active 2010 season.

The latest surveys of rate changes for the group medical and the property and casualty insurance markets reveal a tale of two very different markets--with medical rates continuing to climb and p&c prices still falling.