Decline of over 29 percent in net income compared to 2016
The private U.S. property/casualty insurance industry saw its net income after taxes drop to $15.5 billion in first-half 2017 from $21.8 billion in first-half 2016—a 29.2 percent decline—and its overall profitability as measured by its annualized rate of return on average policyholders’ surplus fall to 4.4 percent from 6.4 percent, according to ISO, a Verisk (NASDAQ:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
The industry experienced $17.1 billion in direct catastrophe losses—$3.2 billion above the direct catastrophe losses for first-half 2016. Insurers’ combined ratio deteriorated to
Subscribers need to be logged in to see this part of the content. Please Login to access. Or, if you haven't previously subscribed, click here for information on our satisfaction guaranteed subscription options.