Net income drops 42.2 percent due to the highest first quarter catastrophe losses since the 1994 Northridge earthquake.
The private U.S. property/casualty insurance industry saw its net income after taxes drop to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016—a 42.2 percent decline—and its overall profitability as measured by its annualized rate of return on average policyholders’ surplus fall to 4.4 percent from 7.9 percent, according to ISO, a Verisk Analytics (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America (PCI).
The industry experienced $7.3 billion in direct catastrophe losses—the highest first-quarter catastrophe losses since the
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