Results driven by growth in premiums and decline in catastrophe losses.
Private U.S. property/casualty insurers saw their net income after taxes rise to $60 billion in 2018 from $36.1 billion in 2017—a 66.3 percent increase—helped by double-digit premium growth and a significant decline in catastrophe losses, according to Verisk (NASDAQ:VRSK) and the American Property Casualty Insurance Association (APCIA).
Net written premiums grew 10.8 percent to $612.6 billion in 2018 due to organic premium growth and changes that multiple insurers made to their reinsurance arrangements. Losses and loss adjustment expenses (LLAE) from catastrophes declined to $43.3 billion in 2018 from $49.5
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