P-C Industry Net Income Down 7.3%
Wednesday, June 26th, 2002 Liability PropertyThe U.S. property-casualty industry‘s net income after taxes dropped 7.3 percent to $5.1 billion in first-quarter 2002 from $5.5 billion in first-quarter 2001, according to consolidated industry results released today. The figures are consolidated estimates for the entire industry based on the reports of insurers that account for 96 percent of the country‘s property-casualty insurance business. The results were compiled by the Insurance Services Office, Inc. in Jersey City, N.J., and the National Association of Independent Insurers in Des Plaines, Ill. "The industry‘s bottom line deteriorated as both net investment income and realized capital gains declined," the groups said in a release. However, unlike investment results, underwriting results improved.
