With lower catastrophe losses, insurers saw net income increase to $17.1 billion.
Private U.S. property/casualty insurers saw their net income after taxes more than double to $17.1 billion in first-quarter 2018 from $7.9 billion in first-quarter 2017, helped by lower catastrophe losses and increased reserve releases, according to ISO, a Verisk (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
Losses and loss adjustment expenses from catastrophes dropped to $5.0 billion in first-quarter 2018 from $7.7 billion a year earlier. Favorable reserve development totaled $7.4 billion, compared with $5.5 billion a year earlier. Overall, insurers saw their net