US P&C insurers double profits in H1
Private US property/casualty (P&C) insurers saw their net income after taxes more than double to $34 billion in first-half 2018 from $15.5 billion in first-half 2017, according to Verisk’s ISO and the Property Casualty Insurers Association of America (PCI).
The jump in profits was helped by lower catastrophe losses, growing premiums, and an increase in investment income, according to the research.
Losses and loss adjustment expenses from catastrophes declined to $14.6 billion for first-half 2018 from $18 billion a year earlier. Net written premiums grew 13.3 percent in first-half 2018 from 4.1 percent a year earlier, affected in part by the growth in the economy, rising auto premiums, and changes that multiple insurers made to their reinsurance arrangements.
Overall, insurers enjoyed a $6 billion net underwriting gain, rebounding from a $4.6 billion net underwriting loss for first-half 2017.
Net investment income jumped 14.6 percent year on year to $26.8 billion, with the increase mostly due to large dividends from insurers' subsidiaries that don't operate in P&C insurance.
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