US P&C insurers perform well in Q1
Private US property/casualty insurers demonstrated strong growth in Q1, with net income growing to $18.2 billion compared with $13.9 billion in the same period in 2014.
That is according to ISO and the Property Casualty Insurers Association of America (PCI), which found that the insurers' combined ratio improved to 95.7 percent in Q1 compared with 97.1 percent in 2014, while net written premium growth remained unchanged at 3.7 percent for the first quarters of 2014 and 2015. Net investment income increased to $11.7 billion compared with $11.2 billion a year earlier.
"Property/casualty insurers had a strong first quarter, underscoring strong capital levels, competitive markets, underwriting disciplines, and business competencies," said Robert Gordon, PCI's senior vice president for policy development and research. "These results, partially attributable to mild catastrophic losses, have insurers well positioned to continue to provide the necessary financial security for their policyholders as we move further into yet another uncertain hurricane season."
Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services said: "The industry needs to focus on underwriting, as investment gains may be unpredictable and investment yields will likely remain suppressed for a while. It's those insurers that stay current on emerging issues and make use of predictive analytics that will be the best prepared to weather potential storms that the markets, social or technological developments, or nature might send their way."
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