Net income shows small decline, but industry has record Surplus of over $70 billion.
The private U.S. property/casualty insurance industry saw its net underwriting gains increase to $5.4 billion in the first nine months of 2019 from $4.7 billion a year earlier, bolstered by growth in premiums and a drop in catastrophe losses, and its surplus reach a record high of $812.2 billion, according to Verisk (NASDAQ:VRSK), a data analytics provider, and the American Property Casualty Insurance Association (APCIA).
The surplus grew $70.1 billion in nine-months 2019 as the stock market recovered from a significant downturn at the end of
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