P&C Insurers Suffer Worst Q1 Cat Losses Since 1994

Private U.S. property casualty insurers suffered $7.3 billion in catastrophe losses during the 2017 first quarter, the worst such quarter since the 1994 earthquake in Northridge, California, a data company and trade group said on Monday. Net income for the sector plunged by 42.2 percent, to $7.7 billion from $13.4 billion for the prior year quarter, said ISO, a Verisk Analytics Inc and the Property Casualty Insurers Association of America (PCI). Catastrophe losses totaled $2.3 billion more than in the prior year quarter, they said.