Insurers report $1.5 Billion Net Underwriting Loss. Combined ratio deteriorated to 99.8 percent in first half of 2016. Premium growth slows.
Private U.S. property/casualty insurers reported a $1.5 billion net underwriting loss in the first half of 2016—the first year-to-date net underwriting loss in more than three years—and saw their net income after taxes drop to $21.7 billion in first-half 2016 from $31.0 billion a year earlier, according to ISO, a Verisk Analytics (NASDAQ:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
Private U.S. property/casualty insurers reported net income after taxes dropped to $21.7 billion in first-half 2016
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Blood suckers!!!