$14.5B First Half Profit for P/C Industry
Tuesday, September 30th, 2003 Liability PropertyThe U.S. property/casualty industry‘s net income after taxes rose to $14.5 billion in first-half 2003 from $4.4 billion in first-half 2002, as both underwriting and investment results improved, according to Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). Reflecting the industry‘s income and unrealized capital gains on investments, its surplus, or statutory net worth, increased 9.9 percent to $312.5 billion at June 30 from $284.3 billion at year-end 2002. The increase in net income and the growth in surplus in first-half 2002 provide important confirmation of the industry‘s continuing recovery from the soft markets of the 1990s. Yet, even with the 231.6 percent increase in net income in first-half 2003, the industry‘s income during the period was 2.5 percent below its income in first-half 1999 and 22.5 percent below its income in first-half 1997.
