While suffering an underwriting loss, the industry reported net income of $42.6 Billion, a 25 percent decline from 2015.
Private U.S. property/casualty insurers suffered a $4.7 billion net underwriting loss in 2016, following an $8.9 billion net underwriting gain in 2015, and experienced a 25 percent drop in net income after taxes to $42.6 billion from $56.8 billion a year earlier, according to ISO, a Verisk Analytics (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
Insurers’ combined ratio deteriorated to 100.7 percent in 2016 from 97.8 percent in 2015, and net written premium growth slowed to 2.7 percent
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