Net income dropped 30.3 Percent in first nine months of 2017 following hurricanes and other catastrophe losses.
The private U.S. property/casualty insurance industry saw its net income after taxes drop to $22.4 billion in the first nine-months of 2017 from $32.1 billion in the first nine-months of 2016-a 30.3 percent decline-and its overall profitability as measured by its annualized rate of return on average policyholders’ surplus fall to 4.2 percent from 6.3 percent, according to ISO, a Verisk (NASDAQ:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
The industry’s loss and loss adjustment expenses (LLAE) rose 11.3 percent
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